Mesa Offshore Trust (fka MOSH)

[Steady_T]

I held mine.

[john4576]

Steady did you sell your shares after Feb.22 and still get the last
payment?

[Steady_T]

Atrade had mine last week.

[instructmba]

Nothing in E-trade to report.

BCNU
Instructmba

[neeto]

Ok - Thanks I guess I will just continue to be patient.

[Fishin' Canuck]

Nothing in TD Waterhouse yet.

[nsomniyak]

No, I have not.

[neeto]

Have you received a distribution yet in your Zecco acct? I still haven't???

[frak]

So I'm guessing Mr. Singley is probably not very happy right now for those shares he spent all year buying up.

[otc]

MOSH-> From 8k (12/6/2010)- JPM Chase made a 2nd & final liquidation offer of $934,591

http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=7279323
Item 8.01 Other Events.

As previously reported, on November 29, 2010, J.P. Morgan Chase Bank, N.A. (the “Trustee”), as Trustee of Mesa Offshore Trust (the “Trust”), made a second and final liquidating distribution in the amount of $0.012984 per unit, for an aggregate distribution of approximately $934,591, to unit holders on November 29, 2010. The final liquidating distribution was made in cash to unit holders of record as of February 22, 2010, the date on which the Trust’s unit transfer books were closed.

After giving effect to this final liquidating distribution, the Trust had a cash balance of approximately $506,000 and estimated current liabilities (based on actual current liabilities together with final accounting, tax, legal and other termination costs estimated by vendors) of approximately $465,000. The balance represents an immaterial amount of reserves to cover any remaining expenses and contingencies, and no further distributions will be made to former unit holders of the Trust. The Trust’s dissolution activities are essentially complete. Accordingly, this Current Report on Form 8-K will be the final report filed by the Trust pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

The Trust intends to file a Form 15 terminating the registration of its units of beneficial interest under Section 12(g) of the Exchange Act promptly after the filing of this Report on Form 8-K.

[Lebaneseproud]

great, im glad you got it

[instructmba]

Hey LEB...

You hoped you were wrong and looks like your dreams came true... just got a deposit for units I sold after 2/22/10 in my Fidelity Account. They gave me some goofy amount and appears to be way more than .0126 and more like .126? Can't figure how they arrived at the money and hope it wasn't a mistake!

BCNU
Instructmba

[instructmba]

Got some money !!!!!!!


My Fidelity just got a nice boost in cash and still waiting for a deposit into my E-trade. Those that had units on 2/22/10, like me, and sold afterwards should get their money, as outlined by the Trustee.

Which means those that bought after 2/22/10 bought a pig in a poke.

BCNU
Instructmba

[Balls of Iron]

The Measure of a Man is not whether . . . if he falls off the horse.

But, whether . . . if he gets back on.

[Steady_T]

We all took a whippin on this one.

When I got into this, I felt that the breakup value was close to .27.

Thanks to our friends in Houston it didn't workout quite that way.

[instructmba]

It removed some of the sting when I sold at .0125 but with as big a loss as I took on this turkey another nail in the coffin ain't that much difference to my poor bank account.

BCNU
Instructmba

[Steady_T]

I'm pretty sure the distribution went with the units when you sold.

But hey, if you got a good price, you didn't miss anything.

[instructmba]

Okay, still hoping my sold units are still good for the distribution but I have some doubts I'll get screwed again with their promise of 2/22.

BCNU
Instructmba

[nsomniyak]

Units I still held.

[instructmba]

held units or sold units?

BCNU
Instructmba

[nsomniyak]

Thanks. Without question you should get the distribution n those units.

[neeto]

Last set of units I purchased were in July of last year.

[nsomniyak]

When did you purchase those units? Before or after 2/22/10? Thanks!

[neeto]

No distribution in my Zecco account either but my units are still there and symbol is showing as MOSHXZ

[nsomniyak]

I show the distribution in my Ameritrade account as well. Forgot that I had some units in that account too :)

[Steady_T]

Just checked TDA account. Mosh dist is there as of 12/2/10 17:08

[nsomniyak]

The better test of how things are handled would be the units I bought this past August in my Zecco account. So far, no distribution there--but I don't know if that is just a delay at Zecco (Schwab is MUCH better at being on top of these things, and ALWAYS posts things more real-time than does Zecco), or if no dist for me was sent to Zecco due to not being a unit holder of record back in February but it will eventually get there as brokers work through it, or no distribution is coming.

My guess is door number 2.

Does anyone else out there hold units at Zecco that were purchased before Feb 22?

[jermart]

Thank you sir

[nsomniyak]

I have held the units at Schwab for a long time - purchased on 12/31/2009

[jermart]

When did you buy these shares if you dont mind me asking

[nsomniyak]

More detail: The distribution at Schwab was for $129.84 on 10,000 units, consistent with the payout rate that was recently announced. The transaction (in my Schwab account) reads "MESA OFFSHORE TR UBI XXXCOMPLETELY LIQUIDATED", yet , at least for the moment, the units remain in the account (no symbol, CUSIP is 2592312 (that is what shows in the symbol column - I know a CUSIP is normally 9 characters long). It will be interesting to see if Schwab removes the units from my account in a subsequent transaction or not.

[nsomniyak]

I show a distribution at Schwab posted this morning. Nothing yet at Zecco.

[instructmba]

Nothing posted to my account overnite, so still waiting.

As anybody gotten any of the 2nd distribution so far?

BCNU
Instructmba

[instructmba]

Dortmunder... Great Lakes makes a good one, but other brands will do! Remember, you ain't no weasle yet...only if you don't deliver. LOL ROTFLMAO

BCNU
Instructmba

[Lebaneseproud]

Instruct, what is your favorite kind of beer?

[Lebaneseproud]

I hope your right and im wrong but as ive said, I know someone that held units well after the record date and didnt get the first distribution.

[Lebaneseproud]

Wow , how dare you call me a weasel lol. I have every intention of fullfilling that bet and although I disgree with your view on how this second distribution will go I do hope you get it and that im wrong. Let me know if you get it or not on the units you sold

[instructmba]

Those were the days...before we found out about the Judge and her personal involvement in the case. The cards were stacked against us good friend. Of course if it came to a fist fight I know a weasel Houston attorney that would have been eating dust for a week, if not buried six feet under same.

BCNU
Instructmba

PS I wouldn't grace that town with your ashes. I'd rather see the whole court system get buried by Hurricane Gordon next year. LOL

[GO MOSH]

Thanks for that compliment, you big woosey you. I thought I was tough and hard-headed, but I couldn't even carry your lunch, Bubba.

Since you are a pilot, if you survive me, I request that you fly me over downtown Houston and spread my ashes over that @#$^&*% Courthouse, then land and punch out a Judge and a few lawyers for us???

P.S. I still belly-laugh when I think how you were dressed at that July hearing. I thought you might break into "Folsum County Blues"; LADIES AND GENTLEMENT; I'M JOHNNY CASH, AND I'M HERE TO ENTERTAIN YOU! Sitting in the jury seats next to you, watching you KICK A$$ AND TAKE NAMES done me proud for sure, "THUMPER"!!!

[Steady_T]

I agree with you. There is no ex-dividend date in this case. Whoever holds the shares when the money is distributed is the one that will ultimately get the distribution. The brokers will have to figure that out, but it's the sort of thing they do all the time.

[nsomniyak]

I think Leb had it right earlier - the Trustee draws a line in the sand and uses that to govern the disbursements they send out. That gets things pretty close, but brokers then make the final apportionment of the monies to actual holders of the shares in street name based on the ex date.

Usually there is not a big delta, but the long wait on the final distribution for MOSH means that considerable trading, and changes in ownership and entitlement to any final distribution, may have and in fact has occurred since 2/22.

[frak]

I have some units left that have sat there since Feb, and I haven't seen a second distribution yet.

[GO MOSH]

Has anyone here still holding units as of the 2/22 record date received the second disbursement?

leb, it's hard to argue with that logic, but I'll try, ok?

Read near the bottom of p.8 of the last 10-K filed 3/31 after the first 3/24 distribution:
http://www.sec.gov/Archives/edgar/data/711303/000104746910003085/a2197560z10-k.htm

saying,
"As part of the liquidation and termination of the Trust, the Trustee has set February 22, 2010 as the record date for unitholders entitled to payments of any final liquidating distributions."

Note that it says, "any final liquidating distributions."

Then it says, "The Trustee has also announced, and on or about March 24, 2010 has paid, an initial liquidating distribution of $0.116238 per unit. The Trustee will make one or more final liquidating distributions to unitholders of any funds remaining after all Trust liabilities have been satisfied."

As we recall, our part of the settlement was $19 million less $7.75 (to our lawyers) = $11.25 million divided by 71,980,216 total trust units = 15.629 cents per unit. The trustee "reserved" that 4 cent difference. Now they announced that "on or about 11/29" approx. 1.3 cents of that will be paid to unitholders of record on 2/22, reserving $660,000 for possible future trust liabilities, BEFORE MAKING A THIRD AND FINAL DISTRIBUTION TO UNITHOLDERS OF RECORD ON 2/22.

Interestingly, it says in the last paragraph on p. 8 "Pioneer has informed the Trustee that it expects to commence plugging and abandonment, or other disposition, of the Partnership's remaining property on the Brazos A-39 Block during the first quarter of 2010. The Trustee expects to make a final liquidating distribution as promptly as practicable after such event, if there are any remaining proceeds after all of the Trust's liabilities have been paid by the Trustee."

What's "interesting" is that Pioneer still has not abandoned the A-39, with the last mosh 10-Q filed 11/15 saying they expect to have a barge do the P&A work "before year end". So if "The Trustee expects to make a final liquidating distribution as promptly as practicable after such event", then it will happen "after such event". Here it is 11 months since Pioneer's 1/12 abandonment announcement, and they still haven't plugged and abandoned (P&A'd). Pioneer is the holdup to unitholders getting their settlement money. What should we make of that?


I think this LIQUIDATION is different than what you cited involving FINRA rules for DIVIDENDS. For one thing, in this LIQUIDATION, the trustee is overseeing the process to the end and held $1.9 million as of the 9/30 10-Q in an interest-bearing account. That balance, less any future trust expenses, is part of the $11.25 million original court-approved settlement proceeds belonging to unitholders.

The overseeing trustee calling the shots, has consistently stated in all SEC filings, that those settlement funds will be disbursed to unitholders of record 2/22, and instructed the Transfer Agent to recognize only those record unitholders and their unitholdings.
The first partial disbursement was made on 3/24, but that date was never referred to, or intended to be "the ex-dividend date".


What has confused everybody, is that the trustee, in its fear of further litigation, chose not to release all of the settlement funds on 3/24 as a first and final distribution to unitholders of record on 2/22. But since under the original trust documents they are in control of the liquidation/termination, they deemed that they can handle it anyway they choose.

The trustee stated that they can't control the trading of the trust units, but that trading should have also ceased after the record date. This is all public record that the OTCBB trading exchange/market makers/brokers/mosh unit buyers are responsible for reading and following.

If the Singley's, Hill's, et al are going to get disbursements, it is going to have to be from a source other that the settlement funds that our trustee is setting on.

THERE, AT LEAST I'VE CONVINCED MYSELF.

[instructmba]

I'm sure he'll find a way to weasle out but he doesn't need your help! Hope to see you in heaven some day along with everybody else from this train wreck. Maybe the good Lord will let us see some folks burn in hell for what they've done...something to think about, anyway. Actually, I've turned it over into His hands and believe it's useless to hold any sins against me and to pray for my enemies. I am certain He will give justice and positive it is not found in any court in Houston, TX.

BCNU
Instructmba

[nsomniyak]

Think about it - if you sold for .0125, the market price at that time as the market was anticipating and discounting another, final, distribution, do you really expect to get the .0128 final distribution AS WELL?

Nice work if you can get it.

It is possible that the market had the final distribution pegged entirely wrong, and discounted over 50%, but it is far more likely that the market had it right and was applying a pretty normal 8-10% discount to the expected future distribution.

[nsomniyak]

Since the beers are overdue you can assume he drank them without you. What do you want him to do, piss on the envelope before mailing it to you? :)

[instructmba]

Well, regardless, it sure looks like things are about to end here on the old MOSH board. I sold all my units back on 3/29/10 for $0.0125 so although we have been completely screwed on this Trust, it wouldn't surprise me if we didn't get the second distribution for units held on Feb 22, 2010.

Can't say it's been fun, but I've met some good folks, especially GOMOSH and want to wish everyone a Merry Christmas and Happy New Year. If it ain't PC anymore then, get over it, and it's still a free country (I think). LOL

BCNU
Instructmba

[instructmba]

You are wrong from everything I've read and by the way don't you owe me a couple of beers? It's past pony up time and with interest it's now three (3) beers and counting. I think you have my address please send pre-paid and no C.O.D!

BCNU
Instructmba

[Lebaneseproud]

Now if you Go Mosh physically held your certificates as of the record date in feb. , but did a private transaction later selling them, then I believe you will get paid since you GO MOSH were listed on Mosh books as a unitholder on the record date.

[frak]

Looks like MOSH delisted.