Replies to post #21069 on Mesa Offshore Trust (fka MOSH)

[Bourbon_on_my_cornflakes]

dont' agree.

WSE could make an offer to purchase the trust. People would be able to distinguish that this was buying the assets, not just settling damages.

Moreover, if it became and acquisition, the other interested parties could make offers to top WSE, producing more income to the trust. Kim/buzbee blew it.

All this does is insure that WSE gets a cheaper deal and unitholders get less. MOreover, why should an outsider even bid if they know all their work on the bid is only to ensure that WSE gets a sweeter deal.

The more I think about it, the more I am sure this "preferred bidder" clause absolutely must not be accepted.

[palacian]

the term sheet is a compromise. we get paltry penalty
and interest from pxd, jpm plus an insignificant mil
from woodside. we also get all the proceeds from an
unimcumbered a-39. i see mention of farm-out release,
but no mention of working interest. may be all inclusive.
also with woodside keeping their operator rights to the
south half, i would think that this would exclude them
from the bidding.

we unit holders have stated that the property has more
value than it was being drilled. or short drilled.
the term sheet allows the trust to keep all the proceeds
which include pxd's interest and some. still not enough,
but more than splitting with the hated pxd.

this is my take on portions of the term sheet and i am sure
many aspects need clarification.