Mesa Offshore Trust (fka MOSH)

[Steady_T]

JPM was willing to step aside and allow the suit against PDX and Woodside because they were being released from liability to the trust.

Now that has been denied they will reconsider their position. They were willing to pay out the legal expenses of the unit holders that brought suit for the privilege of being released from liability.

JPM wants out as trustee and wants to released from liability. So far nothing that has transpired has removed the potential liability from JPM.

For the moment, I consider that fact the most relevant piece of information in terms of understanding the potential of various outcomes.

Consider that if the trial goes foreward with just JPM as the lone defendant, and they lose, JPM will then have to institute proceeding against PDX and Woodside to recover as much of the damages that JPM has to pay out. Not a pretty future for JPM.