A difference in style Botten , Hession and Phil

[jft310]

Some people know how to grow a company with reasonable risks .

Use of a companies equity is a big deal and necessary to grow into something bigger .

Let's look at Botten

He used a 33 percent stock dilution to build PNGLNG

He is now using a 27 percent stock dilution to buy Interoil for a fraction of what our assets are worth

Gotta say good job and that stock dilution is not to be feared if done right ,

Let's look at Phil

Every single time we needed cash to drill or whatever Phil issued stock , the offering at $75 per share was over subscribed .

Let's look at Hession

Zero stock dilution and ground our cash down to the point we are borrowing money . Why to make us appear weak so getting a deal done is easier so he can collect his pay day . Ask yourself would Botten or Phil based on past history have cut the cash position to this level ?! Why for Hession ??

Based on the above is Hession qualified to manage a junior oil company like Interoil ?! One has

to conclude he does not understand corporate finance for juniors to mean periodic stock issuance , or does he and did he have other motives ,

He has set himself up for a Breach Law Suite over his Fiduciary Responsibility . His actions are not acceptable to most reasonable men .

Vote no on this deal !!

[oliver.gump]

Some people know how to grow a company with reasonable risks .

Use of a companies equity is a big deal and necessary to grow into something bigger .

Let's look at Botten

He used a 33 percent stock dilution to build PNGLNG

He is now using a 27 percent stock dilution to buy Interoil for a fraction of what our assets are worth

Gotta say good job and that stock dilution is not to be feared if done right ,

Let's look at Phil

Every single time we needed cash to drill or whatever Phil issued stock , the offering at $75 per share was over subscribed .

Let's look at Hession

Zero stock dilution and ground our cash down to the point we are borrowing money . Why to make us appear weak so getting a deal done is easier so he can collect his pay day . Ask yourself would Botten or Phil based on past history have cut the cash position to this level ?! Why for Hession ??

Based on the above is Hession qualified to manage a junior oil company like Interoil ?! One has

to conclude he does not understand corporate finance for juniors to mean periodic stock issuance , or does he and did he have other motives ,

He has set himself up for a Breach Law Suite over his Fiduciary Responsibility . His actions are not acceptable to most reasonable men .

Vote no on this deal !!

JFT, you are correct, Hessions actions performance, and results faile the "Reasonableness" test and that is what is required.

[ArtM72]

JFT -
I'll respectfully argue that while there may have been inadequacies in their financing plan what did them in that was not likely the problem. The apparent absolute disarray of the drilling program chewed up enormous quantities of cash.

I would not speculate there were programmed inefficiencies but things like the heli-rig contract they signed certainly wasted a ton of money as their crews and equipment sat idle in the jungle. I'll not forget the picture of the crew on the High Arctic website, with the T3(?) rig complete and ready to go. Spudding was not announced by Hession for another 2-3 months. I didn't understand then why or how that could be.