Mesa Offshore Trust (fka MOSH)

[jdouble]

good post, if anyone reads the 10Q they can see the whole case put out in the Legal Proceedings section. I put the first paragraph below. (to large for all of it)

http://www.secinfo.com/d11MXs.u1T1u.htm

Legal Proceedings

On April 11, 2005, MOSH Holding, L.P. (“MHLP”) filed an Original Petition in the District Court of Travis County, Texas, 250th Judicial District, against Pioneer Natural Resources Company; Pioneer Natural Resources USA, Inc. (referred to below in this Note collectively with Pioneer Natural Resources Company, as “Pioneer”); Woodside Energy (USA), Inc. (“Woodside”); and JPMorgan, as Trustee of the Mesa Offshore Trust (Case No. GN501113) (the “Lawsuit”). The Lawsuit is currently before the 334th Judicial District of Harris Country, Texas (the “Court”). MHLP’s Original Petition alleges Pioneer and Woodside are liable for various actions, including (1) a wrongful farmout by Pioneer to Woodside of the Brazos A-39 Lease, (2) a wrongful delay by Pioneer in producing the Brazos A-39 Lease and the Midway #5 well drill thereon, (3) fraudulent accounting practices by Pioneer, (4) breach of fiduciary duty by Pioneer, (5) aiding and abetting breach of fiduciary duty by Woodside, (6) misapplication of Trust property by Pioneer, (7) conspiracy to misapply fiduciary property by Woodside and Pioneer, (8) common law fraud by Pioneer, (9) gross negligence by Pioneer, and (10) breach of the conveyance agreement by Pioneer. As described below, MHLP later added claims against the Trustee for (1) an accounting, and (2) breach of fiduciary duty. The remedies MHLP seeks include (a) reconstruing the Trust Indenture to determine that the Trust is not terminated because there has or should have been production that would have generated revenues to extend the life of the Trust, (b) requiring the Trustee to pursue certain claims, or to allow MHLP to pursue such claims, (c) setting aside any farmouts by Pioneer in which there have been conveyances to an alleged affiliate of Pioneer, (d) the removal of JPMorgan as Trustee, (e) the return or forfeiture of compensation to JPMorgan, (f) monetary damages against Pioneer, Woodside and JPMorgan, and (g) unspecified exemplary damages against all defendants.