Replies to post #21201 on Mesa Offshore Trust (fka MOSH)

[PSU07]

It had better be in writing considering the parties involved here! I could see it now.

Pre-Sale

"I'll bid 200M dollars"

Auction results= 20M dollars

comments after auction

"oops, I left off a zero....oh well"

[Bourbon_on_my_cornflakes]

Steady, this is the reason the preferred bidder provision has to be eliminated:

Knowing there is a preferred bidder, why would any outside party spend the time and money to seriously evaluate the property. Since they won't, they will either lowball bid or not bid at all. RESULT: unitholders get screwed as the property is sold at a pittance.

There is simply no reason to have a preferred bidder. All they have to do is bid $1 more when the auction is held if they want it that badly. That is in the best interests of unitholders.

This provision simply must go.