Silicon Investor (SI) -- The First Internet Community

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@) -- Ignore unavailable to you. Want to Upgrade?

To: otte who wrote (1093)	11/2/1999 7:02:00 PM
From: Edwin S. Fujinaka	Read Replies (2) \| Respond to of 4686

Posted at the CCO Website (Thanks for the heads up.): "STATE FILES MOTION FOR REHEARING The State of Florida and the Florida environmental groups filed on November 1, 1999 a joint motion for clarification, rehearing, or certification with respect to that decision, asking the Court of Appeal, among other things, to clarify that the question of whether there has been a taking of Coastal Petroleum?s leases should be determined in the circuit court. Coastal Petroleum?s response to that joint motion is due on or before November 16, 1999." I have to agree that the Appeals Court may have overstepped their jurisdiction in apparently deeming the "taking" case to be over by saying that preventing drilling would only be unconstitutional if "just compensation" were not paid. There does appear to be increasing impatience with the State's delaying tactics as is evidenced by the short time frames being used. The State can argue that the Circuit Court has to hear another round of testimony as to whether the State is actually preventing drilling or not (pretty laughable, but good for another few months perhaps). Then the State has to be given another deadline to grant (or deny) the drilling permit perhaps. Then the inverse condemnation lawsuit has to be initiated by CCO. Then they have to determine if the State has indeed "taken" the lease rights. Then they have to determine the value of the leases. Then the State may request additional time to "think over" whether they want to grant the drilling permit or pay the appraised value. And so on... Perhaps the Appeals Court can cut through all of this and just declare that the prior refusal to grant the drilling permit was in itself the actual "taking" of CCO lease rights. Such a declaration by the Appeals Court will be appealed to the Florida Supreme Court. The Florida Supreme Court could then send the Case back to the Circuit Court. There are many possible angles to delaying the Case and that is why I believe that punitive damages ought to be explored. The State can then gamble on whether a non Florida Jury might be outraged at the State's clear delaying tactics and perhaps a treble damage award could be granted. (CCO can use some of the same arguments that Florida is using in the tobacco Case <G>).