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

To: Edwin S. Fujinaka who wrote (563)	10/2/1998 12:24:00 PM
From: Tom Frederick	Read Replies (2) \| Respond to of 4686

Mr. Fujinaka, I must say I kind of like your "earlier calculation"! The state must be aware of the same possibility of CCO coming up with constantly growing reserve estimates for each and every month that goes by, creating a more and more difficult situation for the state to negotiate. Obviously no state coffer could come up with a $5,000 per share settlement, but at the same time, if the property is really worth that much, the state will be in the difficult situation to decide between a HUGE tax windfall if the reserves are indeed that large and a large taxpayer payoff to keep in line with the new offshore drilling restrictions. Any monies that would be earned from the state might just pale in comparison to the tax revenue if the project moves forward. It's a tough situation for the new governer (likely Mr. Bush) to weigh great financial support to an overburdened state budget and complying with the wishes of those who feel this would a threat to Floridas most widely known natural resources...the shorelines and glades. I don't envy his position. But in either case, unless the state comes up with some new plan for delay, I don't see too many other ways to get out of this for the state other than drill or settle...and soon! And either way, the shareholders win. Tom F.