Mesa Offshore Trust (fka MOSH)

[MikeWhite]

I am still around and ready every post…

This case is getting real interesting. I must say I am surprised by the recent actions of the Plaintiffs. Non-Plaintiffs must stick together and work together to make sure we do not get screwed. My mind has been wondering recently so let me explain what I am thinking.

1) We all know the Weigand intervener group was non-suited awhile back. While the individuals might have been non-suited I do see MOSH Holdings LLC as a partner in MOSH Holding LP. Could the Weigand interveners created a new LLC and have that LLC added as a partner to MOSH Holdings LP??? Could very well be…

2) Many people here relied on representations and/or guarantees made my certain persons (on and off the board) who purport to represent the unit holders. I think these people will be held accountable if the average MOSH unit holder gets screwed over. Make you wonder why some people disappeared recently doesn’t it???

3) Why do I bring this up? Well the proposed sale of the partnership and its assets will carve out the MOSH LP claims. So it looks like the MOSH TRUST will lose these claims. This is probably what PXD, JPM and Woodside would like as they will limit their liability exposure to less unit holders (only those in the suit). I am sure MOSH LP would not mind either except for the fact any fire sale prices the Partnerships interest sells for will be used by PXD against MOSH LP to discredit they $1.2B claim.

4) MOSH LP has known about the proposed sale “for months” now. Why have they only objected to the use of their work papers in an attempt to get money from sanctions??? Why haven’t they tried to halt the sale to preserve the Partnership and the trust so all unit holders will benefit??? Do they only want money for themselves?

5) The MOSH claims should not be “carved out” of the sale of the partnership. Instead MOSH LP should PURCHASE the partnership and any claims that could go along with it. As you can tell these claims are worth something. This way unit holders get paid win or lose. I might give them the claims for 80% off to account for the risk and time value of money going to trial to pursue these claims.

6) I would hate to see additional parties getting sued and potentially and possible even effecting the current case. Once unit holders start contesting MOSH LP’s actions you can be darn sure that PXD will sue this info against them to prove MOSH LP may no longer be acting in the interest of all unit holders. If MOSH LP does not file injunction to stop the sale I am pretty sure you might see a few new faces (with great resources) stepping up to bat and complicating things ;)

7) I hate to go against the tide but I think what PXD did using the info from MOSH LP was legal and clever. According to PXD response none of MOSH LP’s documents were designated as confidential and thus not protected by the protective order. Plus now if PXD sells the assets with MOSH LP’s interpretation of the data included I am sure they are exposed to liability as now people will rely on these interpretations.

I could be completely wrong. So what am I doing? I am holding and seeing what action (if any) needs to be taken from here.

-Mike