Empire Energy Corporation Intl. (fka EEGC)

[oilsleuth]

The choice for Hunt Energy is not "nothing or the lease". If Great South Land is wound up the licence would become vested in the Liquidator who would presumably endeavour to sell it to the highest bidder (with MRT's approval). Hunt could bid for the licence but as you say they would be unlikely to do so. Any surplus remaining from the sale of GSLM's assets (such as they are) would be distributed pro rata to all creditors who prove up and not just to Hunt Energy even though they brought the action.

I'm guessing that Hunt hopes GSLM/Malcolm/a powerful friend will find the $1.5M hidden away in a hollow log somewhere (maybe on the shores of Lake Geneva) so they can be paid out, withdraw their court action and walk away from the whole sorry mess.

Hunt has heard all the promises and hard luck stories before and they are not likely to be swayed by more of them into calling off the action IMO. It's time to concentrate the mind Empire management.