Mesa Offshore Trust (fka MOSH)

[GO MOSH]

Has anyone here still holding units as of the 2/22 record date received the second disbursement?

leb, it's hard to argue with that logic, but I'll try, ok?

Read near the bottom of p.8 of the last 10-K filed 3/31 after the first 3/24 distribution:
http://www.sec.gov/Archives/edgar/data/711303/000104746910003085/a2197560z10-k.htm

saying,
"As part of the liquidation and termination of the Trust, the Trustee has set February 22, 2010 as the record date for unitholders entitled to payments of any final liquidating distributions."

Note that it says, "any final liquidating distributions."

Then it says, "The Trustee has also announced, and on or about March 24, 2010 has paid, an initial liquidating distribution of $0.116238 per unit. The Trustee will make one or more final liquidating distributions to unitholders of any funds remaining after all Trust liabilities have been satisfied."

As we recall, our part of the settlement was $19 million less $7.75 (to our lawyers) = $11.25 million divided by 71,980,216 total trust units = 15.629 cents per unit. The trustee "reserved" that 4 cent difference. Now they announced that "on or about 11/29" approx. 1.3 cents of that will be paid to unitholders of record on 2/22, reserving $660,000 for possible future trust liabilities, BEFORE MAKING A THIRD AND FINAL DISTRIBUTION TO UNITHOLDERS OF RECORD ON 2/22.

Interestingly, it says in the last paragraph on p. 8 "Pioneer has informed the Trustee that it expects to commence plugging and abandonment, or other disposition, of the Partnership's remaining property on the Brazos A-39 Block during the first quarter of 2010. The Trustee expects to make a final liquidating distribution as promptly as practicable after such event, if there are any remaining proceeds after all of the Trust's liabilities have been paid by the Trustee."

What's "interesting" is that Pioneer still has not abandoned the A-39, with the last mosh 10-Q filed 11/15 saying they expect to have a barge do the P&A work "before year end". So if "The Trustee expects to make a final liquidating distribution as promptly as practicable after such event", then it will happen "after such event". Here it is 11 months since Pioneer's 1/12 abandonment announcement, and they still haven't plugged and abandoned (P&A'd). Pioneer is the holdup to unitholders getting their settlement money. What should we make of that?


I think this LIQUIDATION is different than what you cited involving FINRA rules for DIVIDENDS. For one thing, in this LIQUIDATION, the trustee is overseeing the process to the end and held $1.9 million as of the 9/30 10-Q in an interest-bearing account. That balance, less any future trust expenses, is part of the $11.25 million original court-approved settlement proceeds belonging to unitholders.

The overseeing trustee calling the shots, has consistently stated in all SEC filings, that those settlement funds will be disbursed to unitholders of record 2/22, and instructed the Transfer Agent to recognize only those record unitholders and their unitholdings.
The first partial disbursement was made on 3/24, but that date was never referred to, or intended to be "the ex-dividend date".


What has confused everybody, is that the trustee, in its fear of further litigation, chose not to release all of the settlement funds on 3/24 as a first and final distribution to unitholders of record on 2/22. But since under the original trust documents they are in control of the liquidation/termination, they deemed that they can handle it anyway they choose.

The trustee stated that they can't control the trading of the trust units, but that trading should have also ceased after the record date. This is all public record that the OTCBB trading exchange/market makers/brokers/mosh unit buyers are responsible for reading and following.

If the Singley's, Hill's, et al are going to get disbursements, it is going to have to be from a source other that the settlement funds that our trustee is setting on.

THERE, AT LEAST I'VE CONVINCED MYSELF.