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Gold/Mining/Energy : coastal caribbean (cco@)
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To: 57high who wrote (523)8/28/1998 5:28:00 AM
From: Edwin S. Fujinaka  Read Replies (1) of 4686
 
No news seems to result in a long gradual erosion of the price. The situation now seems to be in CCO's favor so the downside may be limited in view of the fact that the courts are coming down on the side of "truth and justice" <G> as well they should.
I did come across an old news release on a case reported in the "Oil ands Gas Journal" for November 18, 1991 (page 30). The story was headed, "Michigan court awards $90 million to oil firm". At the time, the case was under appeal and I never did hear what the ultimate outcome was. Miller Brothers Oil and Gas Producers were prevented from drilling on a 4500 acre site by the Michigan Director of Natural (DNR) Resources who issued an order banning oil and gas development or production from the Nordhouse Dunes area of western Michigan. Upon receiving the prohibition order, Miller Bros. filed a notice with the court notifying DNR it considered the order to be a seizure of its leasehold mineral rights, which it valued at $93 million dollars.
The CCO site near St Georges Island is ten times as large and probably more than ten times as valuable. During the appeal, Miller Bros. noted that the State could be losing another $30,000/day in added interest.
In any case, it seems as though CCO may have an argument similar to Miller Bros, but I wonder if anyone here knows the final result of the appeal in that case. (They probably settled out of court). I just thought the case was interesting and it seems similar to our situation.
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