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Gold/Mining/Energy : coastal caribbean (cco@)
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To: Henry Volquardsen who wrote (697)2/9/1999 7:44:00 PM
From: Edwin S. Fujinaka  Read Replies (1) of 4686
 
Even if CCO were to somehow lose their Appeal in the Florida Courts, all is not lost. They can further appeal to the Florida Supreme Court, and after that to the United States Supreme Court. I'd like to be the lawyer in line to collect the contingency fee if the case actually went to the US Supreme Court and CCO finally won (which they should on the merits of the case). Some people were a little upset when the tobacco lawyers working for the State of Florida were awarded $3.4 Billion. A simple extrapolation from the Miller Brothers/Michigan case involving an estimated 10.8 million barrels of oil to the CCO/Florida case involving tens of billions of barrels of oil might lead to a conclusion that CCO might be in line to collect a thousand times the $90 million that Michigan had to pay the Miller Brothers Oil Company. Can we say, $90 Billion. It seems reasonable to me that the State of Florida should not gamble with the financial well being of it's citizens and taxpayers. They should try to settle, sooner rather than later. They should not be so niggardly at this stage and they should consider my suggestion that the State pay a fee to CCO to defer drilling into the indefinite future (while extending the life of the leases, of course). Perhaps the decisionmakers at CCO are not willing to settle (I don't know). I'd like to see some public discussion and perhaps a formal appraisal of the value of the leases. The State should initiate some talks before the Courts take everything out of their hands.
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