coastal caribbean (cco@) Message Board

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

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To: Bobby1418 who wrote (761)	4/12/1999 9:29:00 PM
From: Edwin S. Fujinaka	Read Replies (1) of 4686

Bob,...I agree that Matt Moore of the Panama City News Herald does seem to be evenhanded in his reporting. He did mention something in his April 10th piece where he says, "State law forbade any offshore drilling in Florida waters in 1990, but Coastal, which has had the leaseholds since December 1944, was exempted from that law." I think I have heard that before, but I don't have documentation on it. If true (that CCO is grandfathered) it is probably only because any clear prohibition that clearly prevents CCO from utilizing their leases will be construed by the courts as a "taking" and the inverse condemnation legal path will be open. All of this mickey mouse $4 Billion bond and the rules changes in the drilling permit application procedure are just legal trickery to prevent CCO from drilling without actually saying so directly. Once the State directly prevents CCO from drilling, the subsequent inverse condemnation lawsuit will require an appraisal of damages. Those damages could be astronomical and I'm wondering if my $100 Billion calculation is even enough? Anyway, my suggested settlement of $0.5 Billion up front doesn't seem like much in this context.

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