Replies to post #17017 on Hyperdynamics Corp (HDYNQ)

[Rule_62]

If I remember correctly, the last word we have is that the AGR suit is due in the British courts in June. I haven't been able to find a British equivalent of Pacer, so it's difficult to follow any subsequent developments beyond what's been reported in the press and HDY filings.

From the last 10-Q:

AGR Lawsuit

On June 21, 2012, our wholly-owned subsidiary, SCS, filed suit against AGR following unsuccessful negotiations to address the cost overruns associated with the Sabu-1 well drilled off the coast of the Republic of Guinea. The suit was filed in London, England in the High Court of Justice, Queen’s Bench Division, Technology and Construction Court. SCS is seeking to recover damages and other relief from AGR for claims of mismanagement of the drilling of the Sabu-1 well and various breaches of contract that resulted in the cost overruns. Among other things, the lawsuit alleges that AGR mismanaged the selection, reconditioning and crew staffing for the Jasper Explorer drilling rig used to drill the Sabu-1 well, mismanaged other subcontractor relationships, failed to seek cost relief from its subcontractors, and failed to return to SCS inventory purchased by SCS but not used in the drilling of Sabu-1 well. On October 1, 2012, AGR filed a defense denying SCS’s allegations and asserting a counterclaim for $22.2 million which AGR alleges to be the outstanding amount owed on the Sabu-1 drilling project, and seeking other unspecified damages and relief, including damages for loss of management time and associated expenses, a full indemnity for a claim brought by Jasper against AGR, and interest on any damages awarded. SCS filed a reply to AGR’s defense on December 3, 2012 and responded by denying AGR’s counterclaim. At a hearing on May 24, 2013, the Court consolidated this matter with a pending matter between Jasper Drilling Private Limited, the owner of the Jasper Explorer drilling rig, and AGR, and established a pretrial schedule contemplating one trial for both matters in June 2014. On December 23, 2013 SCS served an Amended Particulars of Claim and a hearing to consider the Amended Particulars of Claim is set for February 14, 2014.

I would expect any subsequent decision to take anywhere from 6 months to a year to be released. Then there's the question of appeal . . .

[CashMcMogulson]

The DOJ is not facilitating any pulling of contracts. That's not what they do. They'll just ask for a bunch of emails and documentation, say HDY broke the FCPA statutes, and then make up an arbitrary fine amount based on what they believe HDY can pay.