With so much great football on the tele, I was able to multi-task. Stp asked me to provide at least five misleading, incomplete, or misleading press releases that IOC has issued over time. Here is that list. Now, keep in mind that the company's website has faulty links, so many of the older press releases are unavailable...and I found several of those to be problematic. But I cannot access them now. In addition, I am not saying that IOC has lied in these press releases, and Stp is confused about that. Lying is one thing, while being misleading, incomplete, and/or inaccurate is another. Here goes:
1) http://www.interoil.com/newsrelease/2010-08-11_Credit_Facility_Final.pdf This is misleading because the 10% rate ignores the $1.0 million finance fee, which was buried in the quarterly report, and it brought up the APR on the debt to over 20%. I think you even conceded this was inappropriate. Well, you said it looked to be a “favor” from the company to Civelli, which kills me.
2) http://www.interoil.com/newsrelease/2010-03-29_Response_PR_final_.pdf coupled with http://www.interoil.com/newsrelease/2010-08-31_Settlement_Final.pdf . Note that in first release, the company states that “InterOil and its subsidiaries were not party to, nor otherwise involved in, the Nikiski Partners filing referenced in the article.” How curious and incomplete that initial press release must be since the later press release indicates that “it has entered into an agreement to settle all claims against it and its subsidiaries”. Wait a sec! They were not involved? Oops. Well, as the latter press release goes on to state, the Company “will issue 199,667 common shares to the plaintiffs,valued at $12 million based on a volume weighted average price calculated over the ten trading days prior to execution of the settlement agreement.” What a joke.
Saturday morning reading for those interested, a trip down memory lane. I guess the good news is that IOC issues no formal press releases any longer, but rather releases info through SHPU or the PNG press. Classic. I guess they have stopped drilling, or must be using a screwdriver and some Windex in the boring process...