Quarterly Report

[Palm]

Agreed; a great learning experience for us all in the end. A bit painful, but hopefully we learn. I assume you sold a good bit of your position in IOC back then?

[oliver.gump]

Agreed; a great learning experience for us all in the end. A bit painful, but hopefully we learn. I assume you sold a good bit of your position in IOC back then?

I sold a large portion yes, however I still hold a significant (to me) parcel of stock.

[ArtM72]

When you start to read this quarterly report, right at the top, what do you see? They are telling shareholders even now IOC is a discovery company that intends to develop and monetize its PPLs. Yet when you look down the balance sheets it is clear Hession has sold just about everything. Even the stuff that's normally nailed down. That certainly confirms what we've heard from Gump and Mulacek. You don't do that if you plan to discover, develop and monetize.

And that is my point. The CEO has driven down the stock price, bank account, accounts receivables all while mistrepresenting to shareholders in his quarterly reports and presentations what the corporate objectives were and what he has been doing with our corporation. Now, at a market low point and plenty of money in the bank to get to FID he attempts to sell the company for a fraction of what it was....and takes huge bonuses.

If that is not a classic case of violating fiduciary responsibility I'd like to know what is missing. Can somebody help me out?

Oh. He also bought a heap of stock right before the deal was done.