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

To: Tom Frederick who wrote (554)	10/1/1998 10:11:00 AM
From: Henry Volquardsen	Read Replies (1) \| Respond to of 4686

Actually Tom I believe yesterday was someone trying to pretty up a quarter end statement.

To: Tom Frederick who wrote (554)	10/2/1998 2:29:00 AM
From: Edwin S. Fujinaka	Read Replies (1) \| Respond to of 4686

Tom,...If you are going to own this stock, you have to learn to enjoy the ride. If up 55% one day and down 26% the next day isn't exciting enough perhaps you need to be in options or commodities. Now that I think of it, CCO Stock feels a lot like an option on a prospective oil field. The market cap for CCO is still under $100 million and that still looks very cheap for possibly "...the largest U.S. discovery ever east of the Mississippi River". It seems to me that the current stock price is low even if CCO loses the appeal in State Court. (Of course, losing the Appeal would probably depress the stock price.) As I've said before, the biggest danger for the State of Florida is to let the case wind through the courts to an ultimate declaration that the State has perpetrated a "taking" via inverse condemnation. Then an appraisal based on purely mathematical calculations could result in a judgement for damages in the tens of billions of dollars just as the 10.8 million barrels claimed by Miller Oil in Michigan resulted in the $90 million judgement. Even if we only include the St George prospect, we might claim many billions of dollars, but there are other sites that are even more promising than St George. Fortunately, the State of Florida has experience in these multi billion dollar lawsuits since they won such a case against the tobacco companies that resulted in an $11 billion dollar award. I once suggested that CCO ought to be willing to settle for what the State is going to pay their own lawyers in that case (over $2 billion). Such a settlement would be worth over $30/share. The State would be getting off cheap. We shouldn't forget that these leases and mineral rights will eventually be worth many times that figure if there is anywhere near the amount of oil that CCO believes is actually there.