Don't let anyone tell you timing does not matter. I may lose a refinance because my retirement account is below the limit I need. IOC has cost me greatly over the 3.5+ years I have owned it. Now probably again. Promises early were definitely betrayals of trust, but of course the story is too compelling to just dump after all this time. I don't know what wording lawyers have to work out for over 1 month, but it is clear no one is in a hurry. It would be different if they big items were not already agreed to as IOC says. Two months to dot some I's and cross some T's? Again, I believe lots of people are getting paid way to much to do way too little and way too slowly. I can remember working all night to get things done for my employer. I guess that does not happen in this business.
Some small investors are bleeding because IOC is never on time, never early...Certainly me.
Just needed to vent because this is one more event that will cost me money because IOC needs more than an eternity to close a deal.
Unhappy, and overweighted long time long...
You ask why I question you? Read the post you wrote one week ago. No mention of issues such as you suppose last night.
June 24, Artinv
"If I would have used the stop loses recommended by my stock advisory for a volatile stock like IOC, I would have sold near its lows last year and lost about 25% of my investment. Now I am only slightly below my averaged buy in price. Not happy, but no more worried than I was a week ago."
So one week ago you were only slightly below your buy in price, and not jumping off a cliff with frustration, now you are? Hopefully you can see why one would question your post last night. Do you ever ask yourself why Erich and Bonk post on this board? Neither is long IOC, so why would they bother? Because they just love the dialogue? Think again. This would be a great forum for people with honest motives to discuss the merits, shortcomings of IOC today and over the years. Unfortunately, this board is filled with bashers, liars and dishonest folk. When you post something such as you did, completely doing a 180, yes I question you as a legitmate long. If you are short IOC, fine. Just say it. There have been more posters here with a long disclosure sentiment, who are really just shorts trying to cause panic, fear. If you cannot accept that, I am truly sorry, because your thread makes you look like one of them.
Good luck longs
Sentiment: Strong Buy
John, John, John. I think you are now being prone to exaggeration and a little hysteria. I would hardly call Art's complaints "jumping off a cliff". That would be more like Granite Grab on SHU, who has made some very poor investment decisions. Art is hardly jumping off of a cliff. Meanwhile, as somewhat of a real estate expert myself, I am a little surprised at you telling Art he is a liar because of his refinancing difficulties. Since you are in the biz, you must know that retirees have challenges because of the lack of W-2 income. And you hardly know Art's entire financial situation and housing circumstances based on the little he has posted here. You must be clairvoyant or something. Meanwhile, do some d.d. on the guy. He is long and has been long for sometime. He is just frustrated. Not all of us are born cheerleaders like you.
"Do you ever ask yourself why Erich and Bonk post on this board? Neither is long IOC, so why would they bother? Because they just love the dialogue? Think again."
- I trade IOC from time to time
- I occasionally learn something
- I enjoy the banter
- I dislike some longs and get immense pleasure from rattling the gorilla cage
- It's a bit addictive
- A penny a post is pretty good dough for a hobo like me.
Sentiment: Strong Sell
I am in the mortgage business, so yes someone using annuity income or retirement draws can potentially be hurt by decrease in their "net worth." However, this would be something that would not be a short term issue. I am not sure with whom you are working, but calculations regarding what income is taken take into account fluctuations in the market. I have a hard time believing that you are being denied a loan because of IOC being at 70. I'm sorry, but I AM in the business and have owned my own company for 10 years. This just doesn't add up. The income derived from a retirement account is base upon past draws and draws that are subject to continue for three years. now AGAIN, I do not know your exact situation, but a pullback to 70 should not be hampering your ability to draw income. Unless you yourself have made changes to your draws, I find this unlikely. Perhaps you should seek a new mortgage company in this regard.
As far as your frustration, I hear ya buddy. We are all tired of waiting, but I will share this from a conversation with Wayne Andrews Thursday. My question" " If major terms have been agreed to, what are we waiting for?"
Wayne stated, and I paraphrase, that turning a term sheet into a SPA is complicated. it takes many lawyers, etc.
I asked a follow up: "Is there any reason to believe this deal with XOM will not get done? He stated, and again I paraphrase. There is no reason to believe this deal will not get done.
I asked many more questions and the answers led me to believe that IOC is on on target here. If I did not feel that way, I would not be holding my position, which I can forthrightly state here to any and all reading this post, that I am Holding.
Take that for what it is worth. I am not doubting your sincerity here. But you might want to speak with another mortgage company. That doesn't add up to me. 15 years in the business and ten years owning my own mortgage company.
Good luck Art.
Good luck longs
Sentiment: Strong Buy
Thanks for the thoughtful response, jdeo. I don't really want to dwell longer on the refinance here, but I assure you it is a valid issue and without the details, I don't blame you for questioning it. It is a quite reputable lender, and even though I will probably reapply if I lose this, I suspect the results would be the same. The number they are looking at is the total current net worth, in addition to the history. Regardless, I appreciate the respectful response.
I don't even want to look back at the exact date when I started to become "disappointed" with IOC delays and failed promises, but it is more months than any of us would feel good about. I AM TRUELY still hopeful that we will all be rewarded or I would be gone, but timing can be important. I'll admit that anyone invested in such a speculative stock is taking significant risks.
The more important question is: does management have any responsibility for accurately portraying their situation? Any how many failed promises are OK? Phil and his brother in law being gone tells me that the company wanted to minimize their liability for the past distortions.
Example: no one is really waiting for $5-7/mcf because Phil went so far beyond believability on that, (IN RETROSPECT) it looks ludicrous now.
I bought in with the Matt Badalli newsletter recommendation to buy "up to 70" if my memory serves. Most of my shares were bought at around 68-69. Laugh away... it says a lot about you that you laugh at anyone's misfortune. Interesting that among the most respectful posters here are Eric and Bonk two who are not even longs. But the company we keep on message boards has little to do with integrity or character. We are thrown together by chance.
That may be true in many cases. But for retirees, one's retirement "income" formula derives partly from ones retirement account draw (hence principle amount). Income = ability to repay loans. Try to not comment when you don't know what you are talking about. But that is only the latest part of the story...I know of at least one former regular poster who was dependent on his investment in IOC, and he clearly bailed a while ago, obviously by being burned one too many times. The point is the refinance is only the latest frustration in a long line of disappointments over the nearly 4 years I have been significantly invested in IOC.
This whole story is starting to smell like rotten eggs. CEO quits, one delay after another, well planted stories both bullish and bearish, while Wall Street steals your money. When the stock hit $107 I congratulated the longs and was kicking myself for being on the sidelines. Now I'm kicking myself for not shorting in the $90's on the way down. Never have been able to get this one right and have played it both ways. I will just watch to see the final outcome as I'm clearly intrigued with the story. Phil needs to write a book on this one though he may end up in jail with all the cronyism that has transpired on this one. Well good luck to both longs and shorts, but I'm even tired of waiting and I have no skin in the game.
This is great. Another person hat wants to blame IOC because they are "overweight" the stock. When will option players who lose and people who want to gamble by being overweight a very speculative stock, let the finger point at and touch their own noses as far as placing blame? Amazing.
1. Are you retired and if so, why are you still carrying so much debt that it makes sense to refinance?
2. If you are not retired, then whomever you are working with shouldn't be considering a retirement account's assets very heavily in the equation.
How is it Art that YOU let YOURSELF get into this situation? I think you will (and should) get little sympathy from anyone except option players and others who plan and invest unwisely. Sorry, but no pity party here.
Sentiment: Strong Buy
The best defense is a good offense right Treeczar? Anybody that can say IOC has done a quality and timely job of monetizing EA is a fool and a liar.
Mgmt blundered for years. Phil still pumped EWC 2 years after the Govt told him it was a no go. It took them 18 months to give an exclusive to xom after they hitred 3 ib's. I suppose now that your worldclassIB's that you touted , messed it up and couldnt deliver. Maybe those hotshot IB's dint bring anyone to the table for 18 months. Common man . Phil and Colin got fired they did such a sihhty job. That basically says it all.