coastal caribbean (cco@) Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : coastal caribbean (cco@)

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Edwin S. Fujinaka who wrote (536)	9/3/1998 3:38:00 AM
From: Edwin S. Fujinaka	Read Replies (1) of 4686

All,...I talked to Miller Brothers today about the $90 million judgement they got from a Michigan Court against the State of Michigan for not permitting drilling on their 4500 acre oil property. The State appealed, but eventually lost. The Michigan Attorney General wrote a letter that admitted that they had exhausted all of their legal options to try to prevent paying the judgement. Jack Miller told me that He had to get the Michigan legislature (both the House and the Senate) to fund the payment. They eventually agreed in the face of a $30,000/day interest payment that was accruing during the appeal process. Jack Miller was aware of the Coastal Case and he opined that it seemed to be very similar to his situation. He wondered why Coastal didn't bring a case for inverse condemnation (like he did). He thought that the results ought to parallel his success. He suggested that an estimate of valuation could not be made by just extrapolating the "recoverable reserves" to the 619 million barrels that are estimated for the St George Site. That's too bad since my earlier calculation of $75/share was based on that type of extrapolation. Still, the last letter to shareholders (August 12th) suggested that some of the other potential drill sites were even more promising than St George. All of my juggling with these big numbers is purely academic, but I would like to see some professional appraisal so that the shareholders and the State can see what is really at stake here. Jeb Bush is ahead in the race to be Governor of Florida (by a two to one margin). I don't expect him to be as intransigent as Governor Chiles. It is politically difficult for him to appear to cave in to the "oil interests" so I think that CCO has to do a little groundwork in the PR department with an emphasis on defining just how valuable are the CCO leases? I'm beginning to sense that my original $20/share estimate could actually be very low.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next