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

To: Tom Frederick who wrote (562)	10/2/1998 11:49:00 AM
From: Edwin S. Fujinaka	Read Replies (1) \| Respond to of 4686

Tom,...As a very long term holder, I am just sitting tight and hanging on for the ride too. As for how reasonable my scenarios are, you probably missed my earlier calculation that concluded with a valuation of $5000 per share of CCO Stock! Of course that is ridiculous, but numbers like that can be generated based on the assumption that the St George site represents only a small fraction of the total amount of oil under all of the CCO leases (CCO has requested permits for an additional 12 drilling sites and the Company says that some of these other sites look even more promising than St George). I also assumed that treble damages should be applied because the State of Florida has used a variety of phoney pretexts to deprive the Company of the right to use the leases that the State sold to them. The State is guilty of fraud in the sale of the leases. A jury could reasonably calculate a big number to award to a small Company just trying to exercise it's legal right to develop an oil or gas field that they purchased in good faith from the State itself. If CCO wins in Court (as well they should) most of the people here who have ventured a guess as to the final valuation for the CCO Stock seem to center around $12 to $20 per share as a reasonable final outcome. I'm suggesting much bigger numbers are possible and there is ample reason for the State to try to settle this case sooner rather than later. The question is: How much should the Company request as a reasonable settlement?