I suspect that in the previous auction, they got some back-channel communications to the tune of "we would bid, but not while the properties are the subject of a lawsuit".
These parties KNOW whether there will be bids. If they know there is no interest, unit holders lose. If they know there is substantial interest, unit holders win.
There has been a lot of speculation that the defendants will in some way come forth as the qualified bidder, and get the properties on the cheap. While this is possible, I think it unlikely. MOSH units were purchased by people who wanted to have a steady stream of passive income without getting their hands dirty as a GOM operator. While some of those people undoubtedly have oil biz contacts with the requisite skills and certifications to operate per MMR standards, and some kind of operating agreement could be structured to allow such a party to operate the properties on behalf of the plaintiffs, the much more likely case is they want cash now (as we all did) and they would gladly sell to a higher bidder for CASH NOW.
Upon reflection, I think the Qualified Bidder is much more likely to be Woodside. I am sure there is a price they would pay to have the whole thing free and clear, and another price they would pay to assure they did not get stuck with the wrong partner. As Qualified Bidder they would have some level of an insurance policy against a lowball bid from an "unfriendly" leaving them with a stranger-than-desired bedfellow.
If I could afford to buy all of them, I would not need to buy any of them and I sure wouldn't be spending time on the message boards!
AI
