Replies to post #21218 on Mesa Offshore Trust (fka MOSH)

[tryoty]

That makes sense, but surely they would have to include verbiage in the settlement document setting that minimum bid amount. Not even incompetent lawyers would agree to something like this without having it in writing, and I like to think MOSH lawyer aren't incompetent!

[nsomniyak]

Woodside is the one entity that CAN'T bid publicly now, for several reasons.

1. Until the settlement is approved, no way Woodside will put any public value on a property they had deemed "worthless". Doing so would in fact validate the plaintiff's case for them.

2. Putting out a public bid would possibly subject them to other financial adjustments, with a low bid possibly forcing a mark-to-market adjustment on the WOODISDE portion of the property they would not want.

3. The whole point of an auction is that the bidders do not know the other bids.

I don't think there is a snowball's chance that any bids will be made public before the auction closes.

[free_man_n_paris]

I'm curious in that if WSE was an intended buyer, why even have an auction? Why not just negotiate a deal for Woodside to buy for X amount of $$ and include that in the settlement?

The auction would indicate that either there is no definite buyer, or a lowball offer is in the works.

Though I'm content to wait and see what happens tomorrow, if anyone knows the answer to the above please inform.

Thx

[PSU07]

It could be something like that or, then the PXD/woodside shreholders would have to report that they settled for a big number and not look as good considering it isn't even mentioned in detail. This way even if the unit holders get a good deal, they can wash there hands of it. The only question then would be why did they not develop it and mak money.