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InterOil Corporation Message Board

  • jdeo1969 jdeo1969 Mar 28, 2013 11:08 AM Flag

    Further proof the shorts are full of baloney part 1

    From Westlake securities this am.

    There are accusations in the market place which suggest that members of the board and management of InterOil Corporation (InterOil, IOC, or the Company) acted improperly related to transactions in shares of the Company and related entities. We assume our clients are familiar with these accusations.
    • We have done some additional research of the public filings from the nonprofit mentioned, interviewed management and reviewed the early InterOil filings related to ownership interest.
    • We do not believe there were improper actions by IOC management or board members and maintain our BUY recommendation and $115 Price Target and NAV of $200+ prior to upcoming catalysts.
    • We understand the Fuller Foundation (Foundation) ownership in IOC was from its original investment as part of a group to purchase the refinery in Alaska, which was refurbished and moved to Papua New Guinea to form the original core of InterOil. This led to the Fuller Foundation receiving a significant position in IOC that was held in a US entity, which was necessary to secure the debt financing from the Overseas Private Investment Corp (OPIC).
    • We understand from multiple independent sources that the Foundation did not purchase interests in IOC from any of the Company officers or directors. We understand that the Foundation did not purchase any IOC shares or related instruments in its client accounts or investment funds. The Foundation was audited by Deloitte and Touche during the years that we reviewed, and we believe this firm would have reviewed for conflicts of interests and ensured appropriate policies were in place.

    Continued:

    Sentiment: Strong Buy

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IOC
39.53+0.25(+0.64%)Jan 27 4:02 PMEST

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