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Gold/Mining/Energy : coastal caribbean (cco@) -- Ignore unavailable to you. Want to Upgrade?

To: Howard C. who wrote (1121)	11/12/1999 11:03:00 PM
From: Edwin S. Fujinaka	Read Replies (1) \| Respond to of 4686

I think that I am beginning to understand the dynamics of the CCO stock price situation. Most of the stockholders are not part of this discussion board and are probably in the position that they do not understand the real meaning of the Appeals Court Ruling. The Headline that I first heard only said that the Court had ruled that the State had the right to ban drilling. The small print at the end of the ruling (last paragraph) carried the requirement for "just compensation". The Appeals Court all but ruled that it was a "taking" under the eminent domain, condemnation procedure. The Court may have wanted to leave the door open for the State to still grant the drilling permit as an alternative to a formal "taking". The lack of any discussion from either side leaves an impression that the State may be winning in Court. My interpretation is that the State is actually losing in Court. The State still has the capacity to delay for several more years if they choose to. I believe that the primary considerations for Jeb Bush are now political. It may turn out that His long term political aspirations (perhaps the Presidency following 8 years for brother George W.) will be better served by an early resolution of the offshore drilling case. That way, He can lay the blame on the previous Democratic Administration. If they had settled years ago, the price would almost certainly have been far less than it will turn out to be now or in the future. If Jeb decides to fight to the bitter end, the final outcome will be seen as his responsibility. That could come around the time for his second term election for Governor. Even if He wins a second term, He could be seriously damaged at that time. So an early settlement may be in Jeb Bush's political best interest. (At least I hope so.) In any case, I'm afraid that politics will be the name of the game from here on out.