If you were to sue Interoil management ??

[jft310]

What items would you sue them for ??

Insider trading ??

Deliberate drilling in wrong places to harm the company financially ?

Enormous pay packages for execs??

Deliberately putting out information you knew was false??

Financially using methods to drain cash so the company is cash poor without using proven techniques of equity issuance

Paying yourself enormous bonuses for gas finds that you later said were worthless?

Just a start , others can add to the list

[Kaliboo]

What items would you sue them for ??

Insider trading ??

Deliberate drilling in wrong places to harm the company financially ?

Enormous pay packages for execs??

Deliberately putting out information you knew was false??

Financially using methods to drain cash so the company is cash poor without using proven techniques of equity issuance

Paying yourself enormous bonuses for gas finds that you later said were worthless?

Just a start , others can add to the list

Well as I commented in my last book er...... I mean long posting, Michael Hession wasted a ton of shareholder money on a poorly prepared proposal (the first XOM offer) that was ripped apart in court, violating numerous corporate governance principles.  The guy should be fired, not rewarded with a $30+ million, unprecedented change of control bonus from a company with no recurring revenues.  How can anyone get a fair deal when the CEO and board are incentivized and aligned against shareholder interests?  This is senior management violation of their fiduciary responsibility and gross negligence.  The new "fairness" assement by BMO, costing $4 Mln which is likely a regurgitation of 90+% of the work (that we never got to see) from Morgan Stanley is rediculous.  As someone posted, how is it possible that they could have completed such an indepth review on their own in such a short period of time?  It doesn't add up.  Maybe that needs to be investigated.  Maybe the lawsuit should include BMO and request discovery rights from the court to dig deeper into this so-called "independent" fast assessment.

That fact that in the 2nd offer, XOM increased their cap to 11 TCFE when GLJ says the probability of exceeding 11 TCFE is less than 1%, shows the bad character of XOM attempting to make it look like the offer was increasing value for shareholders.  This seems to border on contempt. It's an insult to shareholders.  It's all part of their tactics to use their monopoloy of the LNG plant to rip off IOC shareholders.  Shame on XOM.  If you are going to make a better offer, then make a better offer.

[ebster123]

I don't blame XOM. It is business and they are looking for the best deal. IOC management is the source of the issue 100%.

[will2bgreat]

Folks, if we are talking about suing IOC management, can we please talk about who is going to head up this effort?  Probably due to my ignorance, but I look at this approach as having a much higher chance of success than dissenting.  I will put up the first $1000usd to hire a good lawyer.  If 50 of us put up that amount, that should be enough to get us started.

If not, good luck to the dissenters.

[jft310]

If you owned 3.5 million shares and thought you were being taken advantage of what would you do??
Could dissent ?
Could Sue ??
Could file motions with the courts ?
Or it will be interesting to see what happens here .

[Kaliboo]

Folks, if we are talking about suing IOC management, can we please talk about who is going to head up this effort?  Probably due to my ignorance, but I look at this approach as having a much higher chance of success than dissenting.  I will put up the first $1000usd to hire a good lawyer.  If 50 of us put up that amount, that should be enough to get us started.

If not, good luck to the dissenters.

.

Great of you to offer Will.  Let's give it a few more days and see if Mr. Mulacek intends to do anything in our favor.  The problem is we would need a Yukon law firm and I hear from 2126 on this MB that the litigants have the ones you'd want to use, locked up.  I have suggested things like this before, but there's too much inertia to overcome.  We have to rely on deep pockets to lead, and so far they aren't speaking up.  If their strategy sounds good, I would throw in some money if necessary.  But it might be better to get a  legal group that takes a % of the cut if any are interested and available.

[jft310]

The Yukon firms are NOT locked up .
Bad info .
Let's see what happens with Phil and his shares

[Palm]

Do you really need a Yukon/Canadian firm exclusively? Seems to me there are plenty of class actions against US traded Canadian companies, especially resource companies. I think normally a firm here is associated with a firm there who can do filings, etc. but the US firm leads the way. I remember one guy in particular who HATED IOC and he was a NY atty and fished the waters a few times to see if shareholders were willing to sue IOC/Phil

[Palm]

Good old Howard Sirota was his name and he tried to drum up a class action suit against IOC/Phil for things not too dissimilar from what Hession and his crew have done:

"INTEROIL, embroiled in a potentially damaging lawsuit, is being taken on by a high profile litigator in New York.
Veteran New York-based securities class action litigator Howard B. Sirota announced on Monday that he is investigating InterOil.
InterOil shares plunged last Friday on the New York Stock Exchange following an expose article released in the morning the same day detailing apparent discrepancies between InterOil’s public regulatory filings and unsealed court transcripts.
According to the article, InterOil’s CEO Phil Mulacek told a federal bankruptcy judge in Texas, US, that InterOil faced a “devastating” impact of a pending lawsuit which triggered a bankruptcy filing by an entity controlled by Mulacek, as well as recent heavy insider selling prior to public revelation of the apparent discrepancies.
The article said the bankruptcy judge dismissed the filing as having been filed “in bad faith”.
Sirota, who was a lead counsel in a number of high-profile securities class actions in America, including Crazy Eddie, Sahlen, Wedtech, Firstplus Financial, and the IPO Securities Litigation, said he had been monitoring InterOil for the past year after learning that recidivist securities law violators in America and Canada were involved in selling InterOil securities.
Sirota was quoted in a publication as saying: “Heavy recent insider selling appears with hindsight to have been prescient, and suspicious.”
He invited InterOil shareholders, who wished to discuss their legal options regarding a possible securities class action against InterOil and others to contact him.
InterOil said in a statement released in Port Moresby yesterday that it believed the allegations made in an article concerning certain litigation which has been ongoing in Texas since 2005, had been raised now in an attempt to divert attention from the successful operations of the company.
It said the article was timed to benefit recent short selling activities.
The “short” interest in InterOil increased to 3,548,056 shares in mid-March, it added.
“InterOil’s policy is to not provide commentary on ongoing litigation beyond the description of it appropriately and consistently set forth in our annual information statement and Form 40-F available on our website or from the SEC.”
InterOil said in their annual information form (AIF), filed on March 1, they continued to disclose that CEO Mulacek, and his controlled entities Petroleum Independent & Exploration Corporation and PIE Group, LLC, together with the company and certain of its subsidiaries, are defendants in Todd Peters, et al v Phil Mulacek, a case pending in the 284th district court of Montgomery county, Texas.
It said InterOil and its subsidiaries were not party to, nor otherwise involved in the Nikiski Partners filing referenced in the article."

[sageo]

Folks, if we are talking about suing IOC management, can we please talk about who is going to head up this effort?  Probably due to my ignorance, but I look at this approach as having a much higher chance of success than dissenting.  I will put up the first $1000usd to hire a good lawyer.  If 50 of us put up that amount, that should be enough to get us started.

If not, good luck to the dissenters.

Will - I like your thinking ! If this were to gain momentum, you can count on the $ 1000 usd from me ,also .Thanks .