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InterOil Corporation Message Board

  • ioc_critic ioc_critic Mar 3, 2013 8:47 PM Flag

    read doublebagger on SHU........EXCELLENT!

    Over the weekend, I connected with some well-connected knowledgeable IOC contacts.

    There is no equity offering planned. Let's be super clear about this. Regardless of all of the BS and outright lies being thrown around by the shorts, THERE IS NO EQUITY OFFERING PLANNED. "I cannot comment on any potential offering, but look at CV's comments on the conf call. CV only talked about the POSSIBILITY of debt. There are months between announcing a winner and signing the final docs and IOC may (not will, just may) want to raise some cash via debt to tie us over until we get the cash from the sell-down."

    At least 4 bids were received, and "there MIGHT be more, but I am not allowed give you the exact number.” I expect Wayne Andrews will try to give more color at the Ray Jay conference March 6th and communicate that IOC expected bids from "SMs, NOCs, and utilities" and that is what was received.” The rumor being spread by the shorts saying that the reason that IOC filed a shelf is that IOC did not get any decent bids and no bids from Supermajors and now IOC has to raise lots of $$$ to do a deal with EWC is COMPLETE AND TOTAL #$%$.” “Again….let me reiterate… IOC expected bids from SMs, NOCs, and utilities and that is what was received.”

    Phil's poor job with Q&A answers on the earnings call was largely driven by very firm warnings by InterOil's legal and investment bankers to say nothing that could put contraints or timeline expectations on the final negotiations with the bidders. Nothing has changed on the timing regarding the decision process. BoD meeting March 9-10. Phil's “30-60 day” comment was not pre-scripted or approved. It was something Phil threw out there on his own. Why PM did say 30-60 days? "The final bids had not be reviewed at the time of the conference call. Without having seen the final bids, it is always POSSIBLE that there could be some key pieces of data missing from any one of the bids." PM was trying to make the point that certain bids could be more complicated or there could be bids missing some key information and there is no guarantee that the BoD will have a decision on/around the week of March 11. That said....everyone is working hard towards that date.

    The timing of the shelf… you must have recently audited financials to file a shelf. Shelf filings are good for 2 years. The previous shelf expired in Sept 2012. IOC wanted to file a shelf renewal along with the annual financials. Further, IOC wanted to have a shelf filed before entering into final discussions with any bidder so that IOC has maximum flexibility to select the bid that is best for ioc without being constrained in any way.

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    • You forget about the floor who trades against retail to make his living. Phil doing them a *favor* at YOUR expense?? Looks like it. He should join McLendon.

    • "There are months between announcing a winner and signing the final docs and IOC may (not will, just may) want to raise some cash via debt to tie us over until we get the cash from the sell-down."

      -If there is such certainty at hand why not go to capital markets with loans.. Why dilute shareholders. This is such big baloney, I am amazed that you think by making this #$%$ up that you could actually manipulate people here. The only reason they bumped this up (along with CC) was because they have no "significant" deal and are just trying NOT to run out of cash!

      " I expect Wayne Andrews will try to give more color at the Ray Jay conference March 6th and communicate that IOC expected bids from"

      -Would you change your tune if this did not happen? Would it not have made more sense with such fantastic bids at hand, to actually *delay* the cc? Shorts would have run for the hills and price woul have nearly doubled and they could have announced their plan to raise funds then. ALL this indicates that they have nothing and are trying to buy time for themselves.

      "Phil's poor job with Q&A answers on the earnings call was largely driven by very firm warnings by InterOil's legal and investment bankers to say nothing...."

      -Ok.. What's all this horse manure? He had no issues in 2010, 2011, 2012 saying that an agreement was "imminent" but now he is trying to play it safe?

      "Why PM did say 30-60 days? "The final bids had not be reviewed at the time of the conference call"

      -Again why not wait a week until they are "finalized?"

      Get a life dude. You are pulling one on us like IOC is over their "shareholders.

    • funny how several of us are hearing the same thing

    • warrenk@pacbell.net warrenk Mar 3, 2013 10:10 PM Flag

      Thank you. It clarifies the situation. I hope it could save many innocent investors from bashers' ill-willed manipulation.

      Sentiment: Strong Buy

    • Thank you for you informative post doublebagger!

      Gerald AKA. IOC_CRITIC

      Sentiment: Strong Buy

      • 1 Reply to ioc_critic
      • "THERE IS NO EQUITY OFFERING PLANNED"

        Just like 2010:

        Evan Calio: "So no plans to directly raise capital?"

        Mumbles Mulacek: "No. No. No."

        "At least 4 bids were received, and "there MIGHT be more, but I am not allowed give you the exact number.” I expect Wayne Andrews will try to give more color at the Ray Jay conference March 6th and communicate that IOC expected bids from "SMs, NOCs, and utilities" and that is what was received.....IOC expected bids from SMs, NOCs, and utilities and that is what was received.””

        Soooo.....Reg FD much?

        Of course this is meaningless in any case - the "4" could be EWC + Japex (NOC) + Mitsui (SM - why not take some liberty and call Mitsui an SM) + Kogas (utility)

        "The timing of the shelf… you must have recently audited financials to file a shelf."

        A complete fabrication - the 2010 shelf was file 11 months deep into the year (Nov 2). The prospectus supplements filed around a transaction bring everything up to date.

        "The previous shelf expired in Sept 2012"

        You should read my Seeking Alpha Instablog on this topic to see if the CFO explanation holds water.

        "Further, IOC wanted to have a shelf filed before entering into final discussions with any bidder so that IOC has maximum flexibility to select the bid that is best for ioc without being constrained in any way."

        Yup, "maximum flexibility" is code for many things.

        Occam's razor - one could argue the simplest explanation is that even with the PRE cash the are on fumes cash-wise - perhaps as little as a few more months. "Maximum flexibility" indeed....

        To be clear the shelf is a preliminary prospectus - the final will come later. In 2010 the prelim was filed in Sept, it was approved on Nov 2, and IOC raised cash on Nov 5.

 
IOC
51.09+1.16(+2.32%)Dec 19 4:02 PMEST

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