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Gold/Mining/Energy : coastal caribbean (cco@)
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To: Rob Skaff who wrote (747)4/4/1999 3:59:00 PM
From: Edwin S. Fujinaka  Read Replies (2) of 4686
 
Robb,...The "deal" that I suggested that the State of Florida should strike with CCO is repeated again for anyone's comment:

I have been thinking about an alternative solution that might work out. The State should offer to settle with CCO by offering a cash payment of $500 Million up front and $50 Million per year to have CCO not drill. The yearly payment should increase by 15% for each subsequent year of not drilling. The leases, which are set to expire in 2016, should be extended for every year on no drilling. The State of Florida can decide when they want to permit drilling based on whatever factors they want. Once any oil production begins, CCO should pay back (without interest) all of the money that they have been paid by the State by some sort of split of the profits, say 50/50. Tell me what you think. Remember that litigation could result in a $100 Billion dollar judgement against the State (or maybe more).

Also keep in mind that the State of Florida is to receive $13 Billion in the tobacco settlement and Florida's lawyers in that case will get $3.4 Billion. There is no connection between the tobacco case and CCO, but I am merely pointing out that the deal I suggest is very modest in comparison. The oil in place just offshore of Florida's Gulf Coast is a National resource that could become vital to the security of the United States at some point. In that sense, thorough exploration is in the vital interest of the United States in my opinion.
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