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InterOil Corporation Message Board

  • mspieks mspieks Dec 25, 2013 1:49 PM Flag

    Why ?

    There has been a lot of criticism of St. Hession since Dec 6th, some warranted some not.
    The DEAL , in the long term, will reward shareholders.
    In the short term, a lot of longs got burned, including me.

    I have several ( rhetorical) questions for St Hession:
    When did you cease negotiations with XOM?;
    Why did you not disclose this to shareholders?;
    When did you "release" the I'B."ers?
    Why did you not disclose this to shareholders?;
    When did you engage Credit Suise as an I'B.'er?
    Why did you not disclose this to shareholders?

    None of the above necessarily constitute a "material event" which requires disclosure.
    However, St Hession certainly overstepped and over reached in his Nov cc.
    IMO, St Hession certainly could have ( should have ?) addressed some of the above issues in the Nov cc.

    Furthermore, St Hession certainly SHOULD HAVE directed his PR people to prepare for the announcement of the Total deal. The SPA REQUIRES joint communiques ( Total and IOC) be issued by both parties.
    W. Andrews and IOC were certainly NOT prepared on Dec 6th. This is inexcusable.

    That said, it is all water under the bridge; time to move forward. The DEAL we got is the deal we have.
    Let's hope it is concluded.
    However, we all need to keep in mind the failings of IOC: mgm't ( prior as well as current, apparently) seems to be incapable of proper communication.
    We are forewarned; will it be different in the future?
    Who knows?

    Best to be skeptical, and not allow "irrational exhuberence" to cloud our thinking.

    Happy Holidays to all !!!!!

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    • All good point MS.

      I bought IOC about 4 years ago. At that time I didn't know Phil was a liar and a #$%$. I figured that out fairly quickly, but had been told by some very smart people that the resource was terrific and POSSIBLY could be mammoth. After the tsunami, it became clear aian LNG prices would remain high. Even a moron could mo0netize EA right? Wrong.

      Some even jokingingly said to me that Phil was making too much money shorting IOC stock and then trading it up to want to do a

      Basically we were sold a bunch of BS by mgmt. for years. Saint Hession is certainly better, but the company is so poorly run, the BOD is so weak, its a bush league outfit. Every blown PR makes that clearer. Hession has his work cut out for him that's for sure. If I were RC id take IOC prvt at $75. Im fairly certain the VAST majority of us would cough up our shares and move on to a better opportunity

    • Until the web of Civelli and IPIs are dealt with one does not know if in the long run "The DEAL" is a good one for shareholders.

      No one should look at the 30% share in the LNG plant as Permanently Defined as owned by IOC until Civelli and the IPIs are dealt with. One should remember that previously IOC and Civelli were proposed to be 50% co-owners in plant operation and ownership on any IOC deal.

      It will be interesting to see if in the web of Civelli and IPIs that it comes out that PM has a large ownership position.

      I always questioned why ownership in the IPIs was not publicly disclosed in a clear manner.

      That they all have some sore of PACLNG title makes one wonder how it was that Civelli got such a great deal and when. In the WHEN department, did Civelli consolidate ownership from others? It was never disclosed if any of the IPIs were purchased and traded internally. It was always lumped as IPIs.

      Personally I give no credence to "consolidation theories" on PPS. Until the IPIs are dealt with and deal announced PPS is a #$%$ shoot.

      Sentiment: Hold

    • housethesupremesbuilt housethesupremesbuilt Dec 26, 2013 8:35 AM Flag

      You kid yourself and others that this was not all planned, part of the script.

      All that you label non-material, ask yourself this question. If each was released properly, timely, one at a time, what would happen to the pps??? "We hereby release all IBS", you know the stock would have been cleaved in half. You know this is material and you know they have a duty to disclose it, when it happened. The IBs were thus there to manipulate the stock and "get paid" when the script was read to its complete final joke line. YOU are the but end of a bad joke.

      Who are you kidding when you say these events are not material? They most certainly are. Look at the pps when they announced the hiring of the IBs and nothing more?

      The only question left is when 20+ class actions will come thundering in.

    • You sound like a little girl

      Sentiment: Strong Buy

    • All good points ms. My understanding is that they were in negotiations with xom and shell up until the very end. The xom deal apparently had too many question marks with PNG approval, license issues down the road because they wanted another sm in the PNG mix. Not that they would have stopped the deal hut might not have been so friendly to IOC going fwd with renewals. Also, there were 2 other entities that would have to approve IOC having an equity stake and that was another question mark. Also, from what I heard, PNG wanted to announce the deal ASAP and have a photo op, and that destroyed the joint presser which is what I believe precipitated the huge selloff. The releases were difft in many ways with total accentuating the low end. Stinks, but its where we are as you say. Merry Christmas.

      Good luck longs

      Sentiment: Strong Buy

      • 4 Replies to jdeo1969
      • housethesupremesbuilt housethesupremesbuilt Dec 26, 2013 8:37 AM Flag

        when its 20 and shell does not buy the whole thing, what story will you make up then? XOM and SHELL could buy it here and be well ahead. Are they? Where is the buyout offer?

      • JD
        No, emphatically NO; they were NOT in negotiations with XOM until the "very end".
        They ceased negotiations with XOM WELL BEFORE Nov cc !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
        We had hints of this when we learned Morgan Stanly had been released and was expecting payment. We had another hint when we learned Credit Suise was their "new" banker.
        All WELL BEFORE before Nov. cc.

        With respect to RDS, I doubt if they were EVER in serious negotiations with RDS.
        RDS had "low balled" IOS; thus there was never any serious negotiations.
        St Hession was "bluffing" , just as Phil had done to us, with his comments of "numerous" bidders.

        There is a lesson here: be skeptical and don't take their word for it.

        Additional examples:
        Collin Visagiio blowing smoke in Hemi's ear during agm mtg that IOC was worth $12 - $22 B.
        W. Andrews promising "wildly accretive" deal during agm.
        W. Andrews blowing smoke in MY ear that The Deal with XOM was far superior to all other offers on the table.
        W. Andrews blowing smoke in MY ear that there was "'NO REASON" to doubt GLJ numbers and "NO NEED" to replace GLJ.

        Now the real questions become:
        How many tcf are there really in Triceratops?
        Why, in four years, and with a farm in partner in Pre, have they drilled only one well in Triceratops?
        If there really are 4-5 + tcf, why hasn't Total excercised its option on such PRL?
        And, why did IOC grant Total an option to farm in on the PPL's? Dumb move, IMO, until we drill. Now Total has an effective right of first refusal, or worse, has leverage over IOC if and when IOC proves up the other prospects.

        Keep your eyes open and ask questions.

      • jdeo,

        Your post reiterates a very important point: the PNG GOVERNMENTS IS IN CHARGE -- one way or another.

        For many years, various folks thought IOC was actually in control of its own destiny with respect to the resources it discovered. The most deluded on this was PM -- and his sycophants weren't far behind.

        Such a belief cost IOC shareholders a lot of time in getting to its current status.

        As anybody versed in valuing companies knows, TIME IS MONEY.

        This point has been reiterated by the terms of THE DEAL, with the apparent timing of the LNG plant, which is being delayed beyond expectations -- costing IOC shareholders more money.

        We're all "investors" now.


        Sentiment: Strong Buy

      • Ur understanding is false, ur ignorant and or a fraud liar.
        Ur either a TOTAL idiot, a fraud liar, or both.
        Please pick one and tell the board.

    • Rhetorical questions always deserve rhetorical answers.
      When did you cease negotiations with XOM? Bloomberg answered this, do some work, go look for it.
      Why did you not disclose this to shareholders? Because he didn't want to.
      When did you "release" the I'B."ers? After they lost their pump PR value.
      Why did you not disclose this to shareholders? Because he didn't want to.
      When did you engage Credit Suise as an I'B.'er? When they hired his nephew.
      Why did you not disclose this to shareholders? Because he didn't want to.
      will it be different in the future? NO!!! (Very stupid question little hamster)
      Who knows? I know.

      • 1 Reply to bulldozerphil
      • Yes,, I agree, You are a total idiot Bulldorkerphil. This is quite apparent in your brilliant analysis and response to MS "because he didn't want to"... The point is that as a "transparent" manager, he should have disclosed these information to his shareholders and not require digging around for it.
        You and the rest of you deserve what you get.. And you will get it.. Not what you expect though.

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