SPA Breached?

[Kaliboo]

Looking at the SPA in section 13 I see there is specific text on confidentiality and a requirement to issue a joint announcement that is coordinated and agreed too.  It seems they have already breached the spirit and letter of this clause severely.

 Could it be IOC was caught off guard and was attempting to make the best out of a Total bungled announcement?  There's an explanation that is needed.

Did they verbally agree to ignore this clause?  Or worse?  How else can this breach of contract be explained?

This can lead to some very ugly speculations as to why the contract was breached on day 1, but I don't want to go there.  Is this not correct?

[jft310]

Me thinks Total nor IOC broke the deal. Me thinks Credit Suisse gave the info to the Dow amines news service and omitted certain key thinks and played down the scale of the deal levels of payments.

please tell me why Credit Suisse had 30.000 long put contracts. Why did Bonk pound those same points before the conference call and deliberating distort the deal numbers.

collusion is illegal

[Kaliboo]

How do they get away with this?  Did u file a complaint?

[Palm]

Looking at the SPA in section 13 I see there is specific text on confidentiality and a requirement to issue a joint announcement that is coordinated and agreed too.  It seems they have already breached the spirit and letter of this clause severely.

 Could it be IOC was caught off guard and was attempting to make the best out of a Total bungled announcement?  There's an explanation that is needed.

Did they verbally agree to ignore this clause?  Or worse?  How else can this breach of contract be explained?

This can lead to some very ugly speculations as to why the contract was breached on day 1, but I don't want to go there.  Is this not correct?

Interesting Kaliboo, I pointed out that clause to a few SHUites this afternoon. There's very specific language in that Section 13. For instance 13.2 (iv). But then I looked at any remedies and basically all I saw was the section Terminations. For IOC as seller in the case of a breach by Buyer they can terminate, but there's nothing I see beyond that. No penalties, no claims, nada.

So then it would have to be a choice of terminating the SPA and going back "to market to market......"  Kind of an open door.

[ArtM72]

I continue to recall Hession referring to ONeil and Duma at the announcement, with ONeil announcing. That is where Duma gave the PRL for Ttops and stated license extensions for all other areas would be made. Hession promised a transcript of that.

To me it seems that O'Neil and Duma were ready and pulled the trigger. Hession wasn't about to say "can't do this" so it happened and both IOC and Total had to react.

[Kaliboo]

Looking at the SPA in section 13 I see there is specific text on confidentiality and a requirement to issue a joint announcement that is coordinated and agreed too.  It seems they have already breached the spirit and letter of this clause severely.

 Could it be IOC was caught off guard and was attempting to make the best out of a Total bungled announcement?  There's an explanation that is needed.

Did they verbally agree to ignore this clause?  Or worse?  How else can this breach of contract be explained?

This can lead to some very ugly speculations as to why the contract was breached on day 1, but I don't want to go there.  Is this not correct?

Interesting Kaliboo, I pointed out that clause to a few SHUites this afternoon. There's very specific language in that Section 13. For instance 13.2 (iv). But then I looked at any remedies and basically all I saw was the section Terminations. For IOC as seller in the case of a breach by Buyer they can terminate, but there's nothing I see beyond that. No penalties, no claims, nada.

So then it would have to be a choice of terminating the SPA and going back "to market to market......"  Kind of an open door.

Yes.  Terminate.  Imagine what would happen if this deal crumbled.  The price goes way down. It's not like there's 10 bidders left.  Not a good feeling.  Pps might never recover.  Lets hope this is the first and last screwup.

[katytrader]

Me thinks Total nor IOC broke the deal. Me thinks Credit Suisse gave the info to the Dow amines news service and omitted certain key thinks and played down the scale of the deal levels of payments.

please tell me why Credit Suisse had 30.000 long put contracts. Why did Bonk pound those same points before the conference call and deliberating distort the deal numbers.

collusion is illegal

JFT,  the report posted elsewhere indicated that CS had 30,000 shares in put contracts, not 30,000 contracts.     Three hundred puts is no big deal.

katytrader

[Kaliboo]

Me thinks Total nor IOC broke the deal. Me thinks Credit Suisse gave the info to the Dow amines news service and omitted certain key thinks and played down the scale of the deal levels of payments.

please tell me why Credit Suisse had 30.000 long put contracts. Why did Bonk pound those same points before the conference call and deliberating distort the deal numbers.

collusion is illegal

JFT,  the report posted elsewhere indicated that CS had 30,000 shares in put contracts, not 30,000 contracts.     Three hundred puts is no big deal.

katytrader

That sounds more like it.  Thanks.

[jft310]

Where are most of the short shares?

who knew about the deal details

i doubt if the govt knew the details

IOC would not put out bad numbers

Total had no reason to put out bad numbers

Who told Dow Jones part of the story?

The banker was Credit Suisse

who was involved in the Libor price fixing and just paid a huge fine for fixing an entire market?