A Call to Action

[rjscotton]

I am sure that most serious followers of the OSH/IOC purchase fiasco have at least read Pet's post from yesterday, Friday, 6/17/16 (The Attempted Grand Theft of IOC).  As of today, we are less than 6 weeks away from the date set for voting on this transaction.  I don't think many of us want to wake up on Friday, July 29, 2016 and realize that the OSH purchase was successful and IOC has basically become an historical footnote.

Pet's post should be a rallying cry for IOC shareholders that we need to act now to stop this 'Grand Theft'!!

In my opinion, we need to do the following:

1)  The shareholders of IOC should file a class action lawsuit against IOC to delay the shareholder vote for the OSH/IOC purchase transaction until an independent 3rd party evaluation can be completed for all of IOC's assets by an oil & gas valuation expert.  This probably cannot be accomplished until after Antelope 7 testing is complete.

2)  Based on the outcome of this valuation, the class action suit could be expanded to include a claim for 'failure to perform their fiduciary duty to IOC shareholders' against Michael Hession and IOC's BOD.

To accomplish the above, we need to have someone or some group with the time and desire to organize and move this plan forward!!

There are lot's of things to consider & many steps to take to make a class action suit happen.

TIME IS OF THE ESSENSCE!

[freddiekingman]

We have PM and we have our NO VOTE
....you can help if spread the message as much and to as many people possible...sent it to newspapers and analists...act!

[ArtM72]

I agree with Freddie here. We have a very different story to tell than that being told by OSH and IOC. Mulacek is no fool tilting at windmills.

The Botten and Hession stories are ones of half truths like 'the acquisition will allow economies of scale with PNG LNG'.  At its core their story is one of character assassination ('Mulacek is a failed CEO thirsting for lost power'). Further, and more importantly, they can't and don't even attempt to put up comparative numbers between the financial impact on IOC's balance sheet based up the proposed OSH agreement and the existing agreement with Total. They've even gone so far to as to mislead their audiences by ignoring IOC's own independent petrogeologist's official appraisal in favor of out dated and unsubstantiated resource numbers.

We don't need to answer the character assassination issue other than by observing perhaps the abusive terms of the agreement complete with a universal gag order and $60 million break clause. Of course we can go well beyond that given the secretive, deceptive actions of this CEO motivated by a huge incentive to sell the company at whatever the price.

The real story though is in the numbers, most recently and most adeptly put together by PetEngr on another thread. This is not a misunderstood deal as was Botten's claim out of the box. Rather, this is a definitively bad financial deal for IOC shareholders no matter what the appraisal.  The deal gets far worse should the appraisal C2 match or exceed IOC's official number of 10.2 TCF. Further, and inexplicably, the deal gives nothing at all for IOC's three discoveries and over 3 million acres of prospect rich geology.

While certainly there appear grounds for lawsuits and formal complaints to the SEC our focus for the next four weeks should be to get the real IOC story in the news, in analysts' email boxes and in the minds and best interests of fund managers'. There will be plenty of time for lawsuits later. Now is the time to assist Mulacek in getting this story out to shareholders.

[Putncalls]

Hopefully we'll at least get 70$ out of this with 10.2 and a little OSH upside.

[Kaliboo]

I agree with Freddie here. We have a very different story to tell than that being told by OSH and IOC. Mulacek is no fool tilting at windmills.

The Botten and Hession stories are ones of half truths like 'the acquisition will allow economies of scale with PNG LNG'.  At its core their story is one of character assassination ('Mulacek is a failed CEO thirsting for lost power'. Further, and more importantly, they can't and don't even attempt to put up comparative numbers between the financial impact on IOC's balance sheet based up the proposed OSH agreement and the existing agreement with Total. They've even gone so far to as to mislead their audiences by ignoring IOC's own independent petrogeologist's official appraisal in favor of out dated and unsubstantiated resource numbers.

We don't need to answer the character assassination issue other than by observing perhaps the abusive terms of the agreement complete with a universal gag order and $60 million break clause. Of course we can go well beyond that given the secretive, deceptive actions of this CEO motivated by a huge incentive to sell the company at whatever the price.

The real story though is in the numbers, most recently and most adeptly put together by PetEngr on another thread. This is not a misunderstood deal as was Botten's claim out of the box. Rather, this is a definitively bad financial deal for IOC shareholders no matter what the appraisal.  The deal gets far worse should the appraisal C2 match or exceed IOC's official number of 10.2 TCF. Further, and inexplicably, the deal gives nothing at all for IOC's three discoveries and over 3 million acres of prospect rich geology.

While certainly there appear grounds for lawsuits and formal complaints to the SEC our focus for the next four weeks should be to get the real IOC story in the news, in analysts' email boxes and in the minds and best interests of fund managers'. There will be plenty of time for lawsuits later. Now is the time to assist Mulacek in getting this story out to shareholders.

I'm not a lawyer but common sense says that sense we, the shareholders, own IOC, a lawsuit is in a sense suing ourselves.  So the further this transaction goes and the more time that lapses, the worse the impact on IOC's books if we sued and win.  The best time to sue is ASAP to stop the sale and then hopefully nail Pinkie and the BoD without hurting IOCs books further.  They are going to defend themselves with our money.  So the less of it they use the better.  I sure hope PM and company see it that way and try to stop it now.  Suing after the fact is OK only if the deal is killed by the vote.  If the deal gets approved, then it becomes a far bigger mess to litigate.  Time is money.

[jft310]

So vote no .

[Putncalls]

Denial anyone?