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

To: andy harrison who wrote (2667)	5/2/2001 7:38:44 PM
From: Edwin S. Fujinaka	Read Replies (1) \| Respond to of 4686

My theory is that there are people who bought in at various levels and they may have become disillusioned at the long wait for a payoff. So now, everytime there is a pop, some of these people bail out. Those of us who know a lot of the details of this situation can see a big payoff somewhere in the future and are not inclined to bail out prematurely. Realistically, the ultimate end game may be some time off in the future if the State continues to delay and fight the case. Politically, Jeb appears to be in a no win situation and he is faced with damage control. It may turn out that it would be better for Jeb to settle this case early and take the hit now. That way he will have time to recover by the next election cycle in 2002. I still think that a "deal" like I have suggested in the past would cost the least for the taxpayers of Florida. A court judgement based on an appraisal of the value of the oil could be a disaster for the State. Of course any payment made by the State to this little group of oil people will be spun as a negative by Jeb's opponents. My deal ended up with any lump sum up front payment from the State being refundable whenever the oil is actually developed. Then the taxpayers of Florida will have to be convinced that the submerged oil is "money in the bank" and will amount to much more than they pay out to defer drilling.