For the one that can not access AOL
Here is some reading. ( My opinion... take it with a bit of salt )
Subject: Conversation with Millennium
Date: Thu, Nov 6, 1997 03:20 EST
From: Wurichard
Message-id:
When AIPN news release came out on Monday, I was frustrated by the news and I called Millennium to get some answer. I was mainly
concerned about 2 things,
1) Woody Quit On Us.
To get a seasoned professional like Woody onboard, AIPN must have offered him tons of stock options. I wouldn't be surprise that Woody would make millions on his stock options if AIPN has reasonable success with its Kazakstan venture. Did Woody resigned because of family issue or because based on what he knows,
he doesn't think AIPN will be successful, and therefore, his stock options won't be worth much. In another word, is there some
negative development unknowned to AIPN shareholders?
2) Resuming Negotiations with other industry partners
What's the meaning of this ? Did the negotiation break down with
the most promising prospect, so AIPN has to resume talks with
other companies ? It just didn't sound too good.
Well, I am glad I called, I think the answers I got was quite positive.
I spoke to Herb Tatum( I hope I spell his name correctly). I started by asking him the meaning of " Resuming negotiations with other companies". Did the negotiation break down? He explained to me that AIPN was close to signing with a major, but then other companies expressed even more interest and
therefore, AIPN has to resume negotiations with other companies to
ensure AIPN signs the best deal. I probed him on the magnitude of and the time frame for the deal. Well, you guessed it, he couldn't reveal thoseinformations.
I then asked him about AIPN's poor cash position and how much longer AIPN can stay afloat. He got excited and raised his voice. " That's totally untrue", he said. He realised there are rampant rumors about AIPN running out of cash. He stated AIPN is sitting on more cash than ever. "But how can that be, the only money AIPN has came from the Hunt's $6.8 millions and the worthless Mercantile stocks AIPN got from selling its South America operation.", I asked. He reaffirmed that AIPN is sitting on a lot of money and the money is not related to the Hunt's debenture nor Mercantile stocks, but from some other agreement. He reassured me that AIPN has a lot of money and cash flow is never a problem, but again, could not disclose where the money came from.
I then asked him about when the Production Agreement will be siged. He realised George Faris stated the agreement would be signed by October, but there is no information on that right now. He stated it could be any day now.
I then asked him about the refinery operation and when it would go
online. Again, he stated it could be any day now. ( Well, news on that was release on Wedsday)
He then summarized in one simple sentence, " November is a very
good month, all questions will be answered." Wow, what a way to end the conversation. I don't want to speculate on what this could mean. So many of us have came up with a lot of speculations that get our hopes up, then only to be disappointed by reality. Who knows, he could be refering to the refinery operation, which is only a minor piece of the puzzle.
From the conversation with Millennium, I think we could draw the
following conclusions,
1) One company was close to signing a deal, but wasn't able to because other companies stepped in and shown even more interest.
2) If a deal was almost signed, it probably means the Production Agreement with the Kazakstan was already available. Faris and KEVHOME both stated that no deal would be possible without the Production Agreement, and I agree with them 100 percent.
3) AIPN got cash. This is a double edge sword. It means AIPN does not have cash flow problem, and has no problem staying as a viable corporation. But, this also means AIPN can take its time to negotiate with all interested companies, and prolong our wait.
I think we should maintain good communication with Millennium, they
could lead us to the right path when we ask the right questions.
Good Luck To Everyone
P.S. I like to add one more comment. Please stop degrading one another,whether you are long or short on AIPN. Personal attacks only invite more ofthe same in return, and clutter up the board. We are on this board to make wise investment decision, not winning the name calling contest. |
