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

To: Robert Furman who wrote (544)	9/29/1998 10:11:00 PM
From: Mikhail Rasolis	Respond to of 4686

Hi, By looking at the price action and volume I wouldn't agree with you on "surely something is new". We just have to sit tight and wait ...

To: Robert Furman who wrote (544)	9/30/1998 5:04:00 AM
From: Edwin S. Fujinaka	Read Replies (1) \| Respond to of 4686

Hi Bob,...Patience. <G>. I talked to the charming Ms Louly at CCO in Apalachicola and She said She didn't have any new information as of a couple of weeks ago. I thought I sensed a certain caginess in her comments, and She didn't seem to be too willing to trade small talk. Phil Ware was out of the office. Some time back I sent that Detroit Free Press article from last May to Phil Ware. That article outlined how Miller Oil Company won that $90 million settlement from the State of Michigan over their 10.8 million barrel prospect. (Remember that CCO estimated 619 million barrels recoverable from only one site which may not even be their best prospect).Louly said that Phil said He already knew about that case. The funny thing is that I talked to Phil Ware himself a month or two ago and at that time, I thought that He had heard about the Miller Brother's Case in Michigan, but He didn't seem to be very familiar with any details. I'm still trying to get more information on that case and other similar cases from that Colorado Legal Advocacy Group that is trying to fight Governmental "taking" of private property as well as the wacko environmental groups. I wouldn't expect any signifigant action before the elections and probably not until well into the new Administration in Florida. The legal timetable should be independent of the political timetable and I suppose there is still the possibility of an October start to the Appeals Court hearings. There is still a fairly good chance that CCO will win at the Appeals Court level and that could force the beginning of negotiations. As unlikely as it may sound to most people, I still think that a Court mandated valuation for all of CCO's leases could easily go into triple digits for CCO Stock. This is based on the Miller Brothers settlement in Michigan for a relatively small potential amount of oil. This should be the basis for a negotiated settlement with the State of Florida close to the double digit range. I'd like to see a negotiated settlement that included the granting of the CCO lease rights well into the future even with a proviso that the State controlled the timing of any actual production. There should be some cash up front (perhaps $7 to $12/share) with the residual lease rights being worth some premium over that. If there is an enormous oil field there, I think it will eventually be tapped. Of course this is all conjecture, but I think the Miller Brothers/Michigan final settlement earlier this year provides a pattern that CCO could well follow. I refer you to my earlier note on the Michgan Case as discussed in the Detroit Free Press of May 9, 1998.