Replies to post #4257 on Mesa Offshore Trust (fka MOSH)

[OTC BB King]

Cat, JPMorgan was a codefendant along with PXD and Woodside. JPMorgan was a codefendant pretty much because MOSH unit holders (Plaintiffs) wanted to pursue the litigation against PXD and Woodside, but JPMorgan was not willing to assist in that as the Trustee. JPMorgan also has a $1.5B banking relationship with PXD, so hence the conflict of interest.

The Judge has always stated that it would be in the best interest of all parties if JPMorgan and MOSH could reach an agreement so MOSH could have their own Trustee who is willing to pursue the case against PXD and Woodside with no conflicts of interest. The Judge has stated that this is the only way that any resolution reached could be final and binding to all parties.

Right now, the Judge is essentially making sure that there is nothing in the revised settlement agreement that could possibly come back to haunt MOSH or the Court as far as any grounds for appeal and such.

The Judge seems to clearly understands the need to expedite these proceedings in a very fair way so that PXD cannot try to starve the Trust out of existence before a resolution.