Pilot, to say FMR is not somewhat speculative would be foolish, remember it is an oilplay and right now the world hates oil, and of course there is always a chance a well can blow out, that being said consider the following:
1. Very few people understand the real story--(thus true value not realized). Read the Coastal report of Feb 4, stating the initial find. Look at the Coast annual report where they state this field was on of its biggest finds of the year. Read the Trust's march 10q, and understand that the flow numbers the trust is reporting is only from 6 wells, they expect to have 18 on the lease by year's end.
2.Understand that IMC global has the working interest which FMR has a 90% royalty. That means IMC paid 100% of the cost and will only receive 10% of the revenues (after their costs are reimbursed). Why do you think they would take that risk if they did not think this field was huge.
3.As you pointed out, Wheeler Sears is attempting (at his own expense)
to have the trust converted to a Corporation so the value of the trust
can be exploited, as under the rules set up now it could be terminated prematurely and true value would be unobtainable.
There are more you should know, and i'm sure more questions you may want to ask, and i'm happy to oblige, however let's do that on the FMR thread (si or yahoo), because this thread is too "cluttered" with a lot of other ideas. (honestly i just don't have the time to read thru all of them)
Hope to see you later.
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