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InterOil Corporation Message Board

  • valuesleuth valuesleuth May 3, 2013 10:25 AM Flag

    Bad blood, destroyed relationships, burned bridges

    With Phil Mulacek having departed IOC, the question is how much fallout they will be -- either internal or external to IOC.

    Such an event always brings changes -- and the changes will in and of themselves tell a story. Shareholders might well get a better picture over time of what really happened leading up to the "retirement" than they'll ever get from official IOC biographers.

    Some questions:

    1) Which IOC Board members will survive? Alternatively, will there be Board turnover at the upcoming AGM? This information will likely be the first clue as to how the chips fell, and we won't have to wait long.

    2) Will there be executive fallout from Phil loyalists inside the company? The answer to this will come over time and give some indication of how deep the debate inside IOC went.

    3) Is there any change to the relationship between IOC and Pac LNG (Aldorf and Civelli). Henry Aldorf never passed up an opportunity to point out that he worked, not for IOC, but for Civelli at Pac LNG. Although, Phil acknowledged that Henry changed his thinking on the development question, there's always been the suspicion on my part that, sooner or later, there'd be a clash of MONSTER EGOS between Phil and Henry and/or Civelli. Was the September 3012 Pac LNG letter to the PNG government an indication?

    4) What kind of atmosphere will pervade the AGM? Will Phil be running a victory lap, supported by the Board of Directors?

    5) Will there be a SD, partner(s), PRL 15 operator celebration? Or, will the questions on that remain unanswered?

    The answers are likely relevant to what IOC will look like in the future.

    VS

    Sentiment: Buy

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • the company needs to address the severe JPM energy sector manipulation and federal investigation of same. The way to do this is with full, truthful disclosure. All the rest of your questions are lame. Phil left but did he "leave"? No. He shifted. He is in a position now to oversee development of what he found and developed to this point, while being free and not conflicted, to go find more and sell it back to you, the shareholder of IOC. How dumb are people to think otherwise? The signs are positive. We are just muppetts. Be a good muppet and tighten your mouth string.

    • What a bunch of pompous self-important bull-shheeet. IOC is about the self interest of the hustllers and promoters trying to promote it. The thin float and artificially high share price coupled with the tall tales told about the resource simply mask the fundamental weakness of the company. End of story.

      Did I mention that Phil is an inarticulate oaf and Byker is a lousy manager?

      Sentiment: Strong Sell

    • Thats all fun speculation, but frankly I dont care about any of it. Phil is gone, I'm happy. Regardless of BOD intrigue, Phil's departure signals that a rel SD with alegit firm , and legit OT's are in the works. The BOD over ruled his fractured, dillusional plan. Hopefully Henry will get shafted too.

      My hope is total or shell (ive said shell for a long time, the handwriting was on the wall when 1) pertomin wedded shell, and 2) ONeil took the chinese money and sided with them on the territorial disput) Takes a 30% of EA and gets a seat on the IOC board. Hopefully the new CEO will be from a top firm too.

    • Good post VS. I will note that I asked the IOC straight up if Phil is getting his $5M severance payment and got no response at all. It should ultimately come out in the filings but the fact that they wouldn't answer the question leads me to believe it's because he will get it, which means he was fired. We will see.

      There is another scenario / thought as to why the BOD would push out Phil. In my experience when crony boards (not your usual well run independent boards) finally chuck the their friend/family CEO off the bus it's usually for one of two reasons:

      1) Concern about their own net worth and fortune - large sums of money can trump personal loyalties and even family relationships.

      2) Concern about liability. This could be a host of things, none of which would be good for the company.

      I happen to think that Phil's abrupt departure is hugely negative near-term, and I speculate that there is a big problem with the "deal" and/or the process. I really see no other logical explanation. Even if Phil "didn't want Shell" or whatever, given his stake in the company he would suck it up to preserve his public image and more importantly his hundreds of $millions in net worth tied up in IOC stock.

      We are of course in the dark. But it's May 3rd and "final binding bids" were due on Feb 28, and now they just seemingly sacked the CEO on a week's notice.

      IMHO IOC without Phil is a better IOC, but I think his ouster is an enormous red flag. If it were the last impediment to some uber-deal it would have been announced at the same time, or immediately thereafter.

      IMHO and I could be dead wrong of course.

      Sentiment: Strong Sell

      • 6 Replies to bonkthegrups
      • Unless I am missing something, I don't think ANY self-respecting large oil conglomerate would "bid" for assets unless they are assured the that resources are real and recoverable. Mulacek said 'EWT" was not required. I am no oil and gas expert, but I believe this is an important component of exploration. I hate speculating, like some of the bozo longs here but he may have been let go due to his resistance of EWT? Or he quit because he found out that bidders require it and he didn't want to stick around to hear the news? I don't know.. It's all speculation but it is a BIG red flag to me. A company which keeps its shareholders in the dark is also a red flag to me.

      • Could it be related to the charges against Belesis and JT Financial?

      • This is very interesting. This is the exact type of post that bonk has called complete "rubbish" at other times. Completely in the dark, I have no information, Could be dead wrong of course, but I'll post all of this anyways and state that this is all the worst. And of course I contacted the company and asked them to comment on something legally they cannot, and the fact that they did not answer leads me to believe (so you all should too) that it will happen. Rubbish

        Hey bonk, I asked them the following:
        1. Are Shell, Exxon, Total, JKM and Petromina all in on the bidding?
        2. I have heard that the bidding process is near an end and we are now above the $2/mcf mark and the minimum up-front cash now being offered is $600 million, is that correct?
        3. I have heard that the reason Phil decided to retire is that in the end he felt the final bids will relinquish too much control and he feels that is unnecessary; is that correct?
        4. There is a recent rumor that there is proof that one of the bidders has actually been shorting IOC, even though that is prohibited; is that correct?

        Since I have received no response from IOC I am going to assume that all of 1-4 are correct (and so should everyone). Now I could be wrong on this, and this is all IMHO, but I just posted all of this here just in case you don't have the contacts that I do.

        IMHO and I could be dead wrong of course, but I could be 100% correct also. And BTW I am able to read Phil's mind and know that he would just "suck it up" to preserve his image, because that's what I'm most interested in ultimately; my image.

        Rubbish

        Sentiment: Strong Buy

      • bonk,

        Thanks for the support.

        I personally believe that the timing of Phil's "retirement" had a lot to do with the upcoming issuance of the Annual Report and Proxy Materials and have so stated previously.

        To have his "retirement" happen shortly after the issuance of such, would create much more chaos. The invalidation of the entire basis of asking shareholders for continued support would be much worse than having done it as the Board did.

        There are a lot of moving parts with all of this. The answers are known to a select few and right now they aren't talking -- especially to common shareholders. The truth might well contradict "the story", particularly the one spun by PM.

        VS

        Sentiment: Buy

      • You said last week it was a huge positive.

        Good luck longs
        Jdeo

        Sentiment: Strong Buy

      • I'm a big believer in theory #1.
        Remember the famous Chinese proverb: "Greed is Good" ?

        Never mind Getitwrong, I know it wasn't a Chinese proverb.

    • VS, are you a closet short? This is a worse than worthless post with a title that is total speculation unsupported by any facts or logic, and that is actually contradicted by Mulachek's continued role on the BOD and with the company. I see no indication of "bad blood, destroyed relationships, or burned bridges". Do you have any facts, or just questions and a self-serving negative agenda of unsupported claims or distortion?

      Sentiment: Strong Buy

    • Zzzzzz... What if Cevilli has an innie and Phil has an outie? BIGGGGG difference and a big what if scenario! Man, whew, what if... I mean, this is huge, important speculation right here and jeez maybe I should sell if they both are outies! What do you think about that VS?

    • The days of your self worship will soon be at an end.

      • 1 Reply to libtardius_maximus
      • yeah, I heard what you heard. April 26 was dropped so the news we see and hear, is just cover. They decided to do the meeting first, then a week later, make the final announcement. Its not the PNG government. Its wall street, fleecing out the last few shares available. I am hearing 200-300 after the announcement. Also, that the info was so direct, a big number of longs sold or covered, which is like shorting. This is all crouching tiger, hidden dragon. You stab each other in the back and call people names like closet short etc... People are forced to trade this if they are outside the circle. Or they go broke. People inside the circle, they do what they do willingly. No shame, no regret. #$%$ of the earth.

 
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