Seeking Alpha

Earning REady

Earning REady
Send Message
View as an RSS Feed
View Earning REady's Comments BY TICKER:
Latest  |  Highest rated
  • What The Kinder Morgan Consolidation Means For The Warrants [View article]
    What The Kinder Morgan Consolidation Means For The Warrants… perhaps a better title would have been What The Kinder Morgan Consolidation Means For The Options as he fails to mention any of the 14 antidilutive provisions.

    Based on article doubt authors actually get to choose titles…. unlike Brian Hunter wannabe photos posers☺

    What antidilutive provisions did the author make adjustments for? None hence more an option than warrant article

    What provisions did I post for all to consider are unable to comprehend or read yourself? I have absolutely no problem answering Scsurfer97 concerns nor what events were triggered which author failed to acknowledge.

    The initial exercise price for KMI common stock to be purchased in connection with these warrants is subject to anti-dilution adjustment for certain events, including:
    • Stock dividends – Unclear if future trigger event will be announced vote needed for special dividend and the share consolidation. Logic dictates using a $44.44 valuation when strike is $40…negotiated (a) Closing prices on 7/16/2014, the reference date used by the parties during the negotiation of the transaction. Based on KMI’s 8/8/2014 closing price of $36.12 and past history of this company set up rather bullish.

    • Stock splits or combinations – unadjusted Black-Scholes model is formulated to price equity options and not warrants so author fails to illustrate probably most important features as they stated fair value of $44.44, strike $40 which one can use 2.2 or 2.5 clause (very attractive fair value formula in 2.5)

    • Issuance of shares in connection with a consolidation or merger in which KMI is continuing corporation – yep free shares to warrant holder author’s unadjusted Black-Scholes model fails to compute.
    • Issuance of rights, options, or warrants to all holders of common stock- still unclear but soon will take to vote and will be extremely specific and bullish to warrant holders if standard.
    • Distribution of debt instruments or assets to all holders of common stock - Not hit yet but possible after consolidation.
    Consummation of tender offer for more than KMI, or any of its wholly owned subsidiaries, outstanding common stock at a price that is above market price – Hit and hinted to via incestuous and rare provision to notify the Remaining Sponsor Investor.

    It is too early to know the exact breakdown of benefits based on today’s press release but feel sorry for the tax implications on the unsophisticated (I should have been more explicit when I posted April 2014 incest to remaining sponsor garbage) but pleased with new corporate shareholder base.
    Aug 11 10:31 PM | Likes Like |Link to Comment
  • What The Kinder Morgan Consolidation Means For The Warrants [View article]
    No impairment to warrant holder when the Company subdivides the outstanding common stock into a greater amount of common stock, then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without cost to Holder, the total number and kind of securities to which Holder would have been entitled had Holder owned the Shares of record as of the date the subdivision occurred.
    Aug 11 04:46 PM | Likes Like |Link to Comment
  • What The Kinder Morgan Consolidation Means For The Warrants [View article]
    How one could write about the warrants without mentioning ARTICLE II
    ANTIDILUTION PROVISIONS is comical.

    SECTION 2.1 Adjustments and Other Rights. The Exercise Price and the Exercise Number shall be subject to adjustment from time to time as provided by this Article II; provided, however, that if more than one section of this Article II is applicable to a single event, the section shall be applied that produces the largest adjustment, and no single event shall cause an adjustment under more than one section of this Article II so as to result in duplication.
    SECTION 2.2 Stock Splits, Subdivisions, Reclassifications or Combinations. If the Company shall (a) declare and pay a dividend or make a distribution on its Common Stock in shares of Common Stock, (b) subdivide or reclassify the outstanding shares of Common Stock into a greater number of shares, or (c) combine or reclassify the outstanding shares of Common Stock into a smaller number of shares, the Exercise Number at the time of the record date for such dividend or distribution or the effective date of such subdivision, combination or reclassification shall be adjusted by multiplying the Exercise Number effective immediately prior to such event by a fraction (x) the numerator of which shall be the total number of outstanding shares of Common Stock immediately after such event and (y) the denominator of which shall be the total number of outstanding shares of Common Stock immediately prior to such event. In such event, the Exercise Price per share of Common Stock in effect immediately prior to the record date for such dividend or distribution or the effective date of such subdivision, combination or reclassification shall be adjusted by multiplying such Exercise Price by a fraction (i) the numerator of which shall be the Exercise Number immediately prior to such adjustment and (ii) the denominator of which shall be the new Exercise Number determined pursuant to the immediately preceding sentence.
    SECTION 2.3 Other Distributions. If the Company shall fix a record date for the making of a distribution to all holders of shares of its Common Stock of securities, evidences of indebtedness, assets, cash, rights or warrants (excluding Ordinary Cash Dividends, dividends of its Common Stock and other dividends or distributions referred to in Section 2.2), in each such case, the Exercise Price in effect prior to such record date shall be reduced immediately upon occurrence of the record date to the price determined by multiplying the Exercise Price in effect immediately prior to the reduction by the quotient of (x) the Market Price of the Common Stock on the last trading day preceding the first date on which the Common Stock trades regular way on the principal national securities exchange on which the Common Stock is listed or admitted to trading without the right to receive such distribution, minus the amount of cash and/or the Fair Market Value of the securities, evidences of indebtedness, assets, rights or warrants to be so distributed in respect of one share of Common Stock (such subtracted amount and/or Fair Market Value, the “Per Share Fair Market Value”) divided by (y) such Market Price on such date specified in clause (x); such adjustment shall be made successively whenever such a record date is fixed. In such event, the Exercise Number shall be increased to the number obtained by multiplying the Exercise Number immediately prior

    -7-
    to such adjustment by the quotient of (x) the Exercise Price in effect immediately prior to the distribution giving rise to this adjustment divided by (y) the new Exercise Price determined in accordance with the immediately preceding sentence. In the case of adjustment for a cash dividend that is, or is coincident with, a regular quarterly cash dividend, the Per Share Fair Market Value would be reduced by the per share amount of the portion of the cash dividend that would constitute an Ordinary Cash Dividend.
    SECTION 2.4 Certain Repurchases of Common Stock. If the Company effects a Pro Rata Repurchase of Common Stock, then the Exercise Price shall be reduced to the price determined by multiplying the Exercise Price in effect immediately prior to the Effective Date of such Pro Rata Repurchase by a fraction of which (a) the numerator shall be (i) the product of (x) the number of shares of Common Stock outstanding immediately before such Pro Rata Repurchase and (y) the Market Price of a share of Common Stock on the trading day immediately preceding the first public announcement by the Company or any of its Affiliates of the intent to effect such Pro Rata Repurchase, minus (ii) the aggregate purchase price of the Pro Rata Repurchase, and of which (b) the denominator shall be the product of (i) the number of shares of Common Stock outstanding immediately prior to such Pro Rata Repurchase minus the number of shares of Common Stock so repurchased and (ii) the Market Price per share of Common Stock on the trading day immediately preceding the first public announcement by the Company or any of its Affiliates of the intent to effect such Pro Rata Repurchase. In such event, the Exercise Number shall be increased to the number obtained by multiplying the Exercise Number immediately prior to such adjustment by the quotient of (x) the Exercise Price in effect immediately prior to the Pro Rata Repurchase giving rise to this adjustment divided by (y) the new Exercise Price determined in accordance with the immediately preceding sentence. For the avoidance of doubt, no increase to the Exercise Price or decrease in the Exercise Number shall be made pursuant to this Section 2.4.
    SECTION 2.5 Business Combinations or Reclassifications of Common Stock. In case of any Business Combination or reclassification of Common Stock (other than a reclassification of Common Stock referred to in Section 2.2), a Holder’s right to receive shares upon exercise of a Warrant shall be converted into the right to exercise such Warrant to acquire the number of shares of stock or other securities or property (including cash) that the Common Stock issuable (at the time of such Business Combination or reclassification) upon exercise of such Warrant immediately prior to such Business Combination or reclassification would have been entitled to receive upon consummation of such Business Combination or reclassification; and in any such case, if necessary, the provisions set forth herein with respect to the rights and interests thereafter of the Holder shall be appropriately adjusted so as to be applicable, as nearly as may reasonably be, to such Holder’s right to exercise a Warrant in exchange for any shares of stock or other securities or property pursuant to this section. In determining the kind and amount of stock, securities or the property receivable upon exercise of a Warrant following the consummation of such Business Combination, if the holders of Common Stock have the right to elect the kind or amount of consideration receivable upon consummation of such Business Combination, then the consideration that a Holder shall be entitled to receive upon exercise shall be deemed to be the types and amounts of consideration received by the majority of all holders of the shares of Common Stock that affirmatively make an election (or of all such holders if none make an election). For purposes of determining any amount to be withheld in the case of a “cashless exercise” pursuant to Section 1.6 from stock,

    -8-
    securities or the property that would otherwise be delivered to a Holder upon exercise of Warrants following any Business Combination, the amount of such stock, securities or property to be withheld shall have a Market Price equal to the aggregate Exercise Price as to which such Warrants are so exercised, based on the fair market value of such stock, securities or property on the trading day on which such Warrants are exercised and the Notice of Exercise is delivered to the Warrant Agent; provided, however, that in the case of any property that is not a security, the Market Price of such property shall be deemed to be its fair market value as determined in good faith by the Board of Directors in reliance on an opinion of a nationally recognized independent investment banking firm retained by the Company for this purpose; provided, further, that if making such determination requires the conversion of any currency other than U.S. dollars into U.S. dollars, such conversion shall be done in accordance with customary procedures based on the rate for conversion of such currency into U.S. dollars displayed on the relevant page by Bloomberg L.P. (or any successor or replacement service) on or by 4:00 p.m., New York City time, on such exercise date.
    SECTION 2.6 Rounding of Calculations; Minimum Adjustments. All calculations under this Article II shall be made to the nearest one-tenth (1/10th) of a cent or to the nearest one-hundredth (1/100th) of a share, as the case may be. Any provision of this Article II to the contrary notwithstanding, no adjustment in the Exercise Price or the Exercise Number shall be made if the amount of such adjustment would be less than $0.01 or one-tenth (1/10th) of a share of Common Stock, but any such amount shall be carried forward and an adjustment with respect thereto shall be made at the time of and together with any subsequent adjustment which, together with such amount and any other amount or amounts so carried forward, shall aggregate $0.01 or 1/10th of a share of Common Stock, or more, or on exercise of a Warrant if it shall earlier occur.
    SECTION 2.7 Timing of Issuance of Additional Common Stock Upon Certain Adjustments. In any case in which the provisions of this Article II shall require that an adjustment shall become effective immediately after a record date for an event, the Company may defer until the occurrence of such event (a) issuing to a Holder of Warrants exercised after such record date and before the occurrence of such event the additional shares of Common Stock issuable upon such exercise by reason of the adjustment required by such event over and above the shares of Common Stock issuable upon such exercise before giving effect to such adjustment and (b) paying to such Holder any amount of cash in lieu of a fractional share of Common Stock; provided, however, that the Company upon request shall deliver to such Holder a due bill or other appropriate instrument evidencing such Holder’s right to receive such additional shares, and such cash, upon the occurrence of the event requiring such adjustment, subject to any retroactive readjustment in accordance with Section 2.8(b).
    SECTION 2.8 Other Events; Provisions of General Applicability.
    (a) Neither the Exercise Price nor the Exercise Number shall be adjusted in the event of (i) a change in the par value of the Common Stock, (ii) a change in the jurisdiction of incorporation of the Company or (iii) any conversion of shares of any other class of common stock of the Company outstanding as of the date of this Agreement into shares of Common Stock in accordance with the conversion mechanisms set forth in the Company’s certificate of incorporation as of the date of this Agreement.

    -9-
    (b) In the event that any dividend or distribution described in this Article II is not so made, the Exercise Price and the Exercise Number then in effect shall be readjusted, effective as of the date when the Board of Directors determines not to distribute such shares, evidences of indebtedness, assets, rights, cash or warrants, as the case may be, to the Exercise Price and the Exercise Number that would then be in effect if such record date had not been fixed.
    SECTION 2.9 Statement Regarding Adjustments. Whenever the Exercise Price or the Exercise Number shall be adjusted as provided in this Article II, the Company shall forthwith file at the principal office of the Company a statement showing in reasonable detail the facts requiring such adjustment and the Exercise Price that shall be in effect and the Exercise Number after such adjustment. The Company shall deliver to the Warrant Agent a copy of such statement and shall cause a copy of such statement to be sent or communicated to the Holders pursuant to Section 4.1.
    SECTION 2.10 Notice of Adjustment Event. In the event that the Company shall propose to take any action of the type described in this Article II (but only if the action of the type described in this Article II would result in an adjustment in the Exercise Price or the Exercise Number or a change in the type of securities or property to be delivered upon exercise of a Warrant), the Company shall deliver to the Warrant Agent a notice and shall cause such notice to be sent or communicated to the Holders in the manner set forth in Section 4.1, which notice shall specify the record date, if any, with respect to any such action and the approximate date on which such action is to take place. Such notice shall also set forth the facts with respect thereto as shall be reasonably necessary to indicate the effect on the Exercise Price and the number, kind or class of shares or other securities or property which shall be deliverable upon exercise of a Warrant. In the case of any action which would require the fixing of a record date, such notice shall be given at least ten (10) days prior to the date so fixed, and in case of all other action, such notice shall be given at least fifteen (15) days prior to the taking of such proposed action. Failure to give such notice, or any defect therein, shall not affect the legality or validity of any such action.
    SECTION 2.11 Proceedings Prior to Any Action Requiring Adjustment. As a condition precedent to the taking of any action which would require an adjustment pursuant to this Article II, the Company shall take any action which may be necessary, including obtaining regulatory, New York Stock Exchange, NASDAQ Stock Market or other applicable national securities exchange or stockholder approvals or exemptions, in order that the Company may thereafter validly and legally issue as fully paid and nonassessable all Warrant Shares that a Holder is entitled to receive upon exercise of a Warrant pursuant to this Article II.
    SECTION 2.12 Adjustment Rules. Any adjustments pursuant to this Article II shall be made successively whenever an event referred to herein shall occur. If an adjustment in Exercise Price made under this Agreement would reduce the Exercise Price per share of Common Stock to an amount below par value of the Common Stock, then such adjustment in Exercise Price made under this Agreement shall reduce the Exercise Price per share of Common Stock to the par value of the Common Stock.

    -10-
    SECTION 2.13 Prohibited Actions. The Company agrees that it will not take any action which would entitle a Holder to an adjustment of the Exercise Price if the total number of shares of Common Stock issuable after such action upon exercise of the Warrants, together with all shares of Common Stock then outstanding and all shares of Common Stock then issuable upon the exercise of all outstanding options, warrants, conversion and other rights, would exceed the total number of shares of Common Stock then authorized by its certificate of incorporation.
    SECTION 2.14 Adjustment to Warrant Certificate or Warrant Statement. The form of Warrant Certificate or Warrant Statement need not be changed because of any adjustment made pursuant to this Agreement, and Warrant Certificates or Warrant Statements issued after such adjustment may state the same Exercise Price and the same Exercise Number as are stated in the Warrant Certificates or Warrant Statements initially issued pursuant to this Agreement. The Company, however, may at any time in its sole discretion make any change in the form of Warrant Certificate that it may deem appropriate to give effect to such adjustments and that does not affect the substance of the Warrant Certificate, and any Warrant Certificate thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant Certificate or otherwise, may be in the form as so changed.http://1.usa.gov/1mRs8xh
    I bought the warrants for taxation reasons and near term event Mr. Kinder has agreed until May 15, 2015 to notify the Remaining Sponsor Investor prior to his acquisition of, or offer to acquire, any securities of us or any of our publicly traded subsidiaries in a transaction or a series of related transactions involving a value in excess of $50 million.
    http://bit.ly/1mRs8xf
    Aug 11 02:40 PM | 1 Like Like |Link to Comment
  • Pacific Coast Oil Trust Opportunity [View article]
    Love to know why you own EROC http://1.usa.gov/16Z5PQl
    Think BBEP stole EROC 2007 playbook when they spun out ROYT…specifically when they bought Montierra minerals from NGP only sell it back for 10 cents on the dollar, $2.50 rights kicker which worked out to be $35 million @ $3/share. Sell to you for $20, collect advisory fees and buy it back with the blessing of a conflict committee who sold it 18 months earlier for $20 , bought for $2, and re-entered $2.50 rights.

    Personally think you are in a better position than most as you just purchased it and will have an opportunity to exit for a profit one of 2 ways
    1. Never makes it to the ballot - Ballot access requirements are challenged on compliance or constitutional grounds. Specifically court’s pre-election authority to intervene and enjoin a ballot measure is limited to situations where the measure is defective in form, fails to meet signature requirements or is procedurally deficient. Think defective/procedurally... authority or acidizing.
    2. Run up to ballot to set a decent short position thanks to PCEC underreporting or misreporting or exaggerations or lack of clarity..

    Already informed county today will start the drafting of exceptions ...green groups have released yesterday their supported exemption breakdown... no link but their draft ordinance interpretation leaves out acidizing of other industries and how moving from 1300 wells with a 7000 backlog when your country is only insurance protected for a $500 000.
    August 25 - Montecito Planning Commission
    September 3 - Santa Barbara County Planning Commission
    October 7 County Supervisors
    Aug 8 03:16 PM | 1 Like Like |Link to Comment
  • Pacific Coast Oil Trust Opportunity [View article]
    Actually you are early for the exact property increase but 40 plus years too late to change their property tax minds
    While Santa Barbara releases Oil companies pay $20 million in property taxes, or 3.1 percent of the total, and approximately $12.7 million goes to schools noonmeasurep.com states it is 16.4 million...what's

    Why 16,000 signed , 56k vote, and your over 40 years too late
    The Santa Barbara oil spill occurred in January and February 1969 in the Santa Barbara Channel, near the city of Santa Barbara in Southern California. It was the largest oil spill in United States waters at the time, and now ranks third after the 2010 Deepwater Horizon and 1989 Exxon Valdez spills. It remains the largest oil spill to have occurred in the waters off California.

    Where they are not going to make up for the shortfall but create a future hole is selling a 8 million dollar land parcel to Direct Relief a non-profit distributer of $500 million worth of prescription drugs right after stripping alleged gang members of their civil rights.

    California’s Ninth Circuit Court authorized particular law enforcement technique when dealing with criminal street gangs more than a decade ago Santa Barbara Superior Court judge, denied Santa Barbara's gang injunction

    The Hells Angels motorcycle club is now formally listed as a criminal organization ONLY in Manitoba.....something has not /never will happen in their home state of California.
    Aug 8 03:10 AM | Likes Like |Link to Comment
  • Pacific Coast Oil Trust Opportunity [View article]
    Here is my never obtuse legalese.
    Mike Ghizzoni knows his county is self insured for only $500,000 and is being more proactive than PCEC via ROYT was to it's shareholders.
    I have also included the more colorful Mendocino gun toting, pot smoking, speeder Douglas Losak legal take in his county as both comprehend every well in their counties uses one or more production techniques which will be banned if taken to a vote a tomorrow.

    While PCEC Campaigns and ROYT crickets I will play Monitor for shareholders and invite you to this open and honest process
    Friday starts YOUR exemption creation kickoff...The Santa Barbara County Planning and Development Department will hold a workshop Friday in Santa Barbara to gather public input on its efforts to develop administrative procedures related to Measure P, the November ballot initiative to ban enhanced oil extraction techniques in the county.

    The meeting will be held from 2 p.m. to 5 p.m. in the Board of Supervisors conference room in Santa Barbara, 105 E. Anapamu St. It can also be viewed in Santa Maria at the Betteravia Government Center, 511 E. Lakeside Parkway.

    The department is holding the workshop to begin its process of drafting ordinances and preparing amendments to current county plans in case the measure is successful in November. Measure P is a public initiative to ban what it calls "high-intensity petroleum operations" in all unincorporated areas in Santa Barbara County.

    The measure would ban enhanced oil extraction techniques that include: hydraulic fracturing, which currently isn't being done in the county; cyclical steam injection, which is used on about half of the roughly 1,200 active wells in the county; and acid well stimulation.

    Kevin Drude, deputy director of the county's Energy Division of the Planning and Development Department, said the workshop is the first step in preparing county administration for the possibility of the measure's approval by voters. He said his department, working with county counsel Mike Ghizonni, has to develop a "pathway for exemptions."

    "We want an administrative procedure for operators or an appeal process for the (environmental) side," Drude said.

    If the measure is successful, it would require changes to the county code, comprehensive plan, and coastal land use plan. Drude said because of the vagueness of the language in the measure a process for determining exemptions from it is needed.

    The workshop is to gather input from oil operators, proponents of Measure P, and the public on the issue. Drude said the information would be valuable to county staff as they begin preparation of county procedures.

    "It's to put in place administrative procedures where by persons who have oil field operations or are wishing to develop them can come into the county through a process that we have yet to develop and request a finding of vested operation or constitutionality determination," Drude said. "We've just begun developing ordinance amendments and general plan amendments to address those issues."

    After the amendments have been drafted and the procedures developed, they will go to the county Planning Commission for consideration before moving on to the supervisors.

    Mendocino County supervisors approve fracking for ballot, but may face legal challenges
    http://bit.ly/1zZeocM

    Just a gal from Calgary home to dirty oil, dirtier politicians, and the dirtiest legal teams money can buy ...like Provident Energy brilliant tax attorney's whom created BBEP and spun you ROYT:)
    Aug 8 02:12 AM | Likes Like |Link to Comment
  • Hidden Leverage At Kinder Morgan [View article]
    Ignorance.

    Mr. Kinder has agreed until May 15, 2015 to notify the Remaining Sponsor Investor prior to his acquisition of, or offer to acquire, any securities of us or any of our publicly traded subsidiaries in a transaction or a series of related transactions involving a value in excess of $50 million.
    http://bit.ly/1mRs8xf

    Here are their friendly terms
    http://1.usa.gov/1mRs8xh
    Jul 27 04:44 AM | Likes Like |Link to Comment
  • Hidden Leverage At Kinder Morgan [View article]
    Warrants hidden leverage and analyst hidden upgrades perhaps have something to do with the following:

    Mr. Kinder has agreed until May 15, 2015 to notify the Remaining Sponsor Investor prior to his acquisition of, or offer to acquire, any securities of us or any of our publicly traded subsidiaries in a transaction or a series of related transactions involving a value in excess of $50 million.
    http://bit.ly/1mRs8xf

    http://1.usa.gov/1mRs8xh

    "I wouldn't expect KMI stock to push pass $40 until the warrants are all retired ." - take from your concerns you no longer own 20000 warrants nor access a tax attorney. While you sit on the sidelines best you find one to review cashless exercise and warrant taxation benefits.

    I repurchased warrants this year and comprehend author's concerns....but also comprehend that Richard Kinder must fear this shareholder base as much as I and has til May to decide.
    Jul 27 04:27 AM | Likes Like |Link to Comment
  • Pacific Coast Oil Trust Opportunity [View article]
    Cynical perhaps but I like to credit to Breitburn's brilliance where credit is due.
    Premeditated? Transferring Christy Shae Breitenbach 563,850 trust units was not premeditated?
    Jul 25 02:28 PM | Likes Like |Link to Comment
  • Pacific Coast Oil Trust Opportunity [View article]
    244 and like minded shareholders whom portfolios I wish to protect,

    It is my hope you begin to exit your position on strength.
    It is my hope you actually read County Superior Court judge ruling

    After you consider my hope I welcome you all to underline what you disagree with my following:

    How "they" plan to challenge the constitutionality of this particular ordinance
    Courts consider the following four factors in preemption analysis:
    (1) whether there is a need for statewide uniformity of regulation
    (2) whether the municipal regulation has an extraterritorial impact
    (3) whether the subject matter is one traditionally governed by state or local government
    (4) whether the California Constitution specifically commits the particular matter to state or local regulation.

    What effects if any does this ordinance have on permits between now and November....and what exactly do you disagree with
    An ordinance without exemption or exception shall apply retroactively as of the date this measure was found to have qualified for placement on the ballot.
    Jul 25 02:03 PM | 1 Like Like |Link to Comment
  • Pacific Coast Oil Trust Opportunity [View article]
    Courts consider the following four factors in preemption analysis:
    (1) whether there is a need for statewide uniformity of regulation
    (2) whether the municipal regulation has an extraterritorial impact
    (3) whether the subject matter is one traditionally governed by state or local government
    (4) whether the California Constitution specifically commits the particular matter to state or local regulation.

    Experienced securities litigators - If smarter than I will ever give them credit should consider 1 factor:
    1. Christy Shae Breitenbach as their lead....Mr. Breitenbach transferred 363,850 trust units in October, 2013 in connection with his divorce proceeding.....what a dick but SEC enforcement dream for any up and coming litigator of the other 200k units he transferred the year before
    http://bit.ly/1nzNS58
    Jul 25 02:32 AM | 2 Likes Like |Link to Comment
  • Pacific Coast Oil Trust Opportunity [View article]
    244,
    So a city or county law cannot change that - they just got sued and bruised. County Superior Court judge ruled yesterday that San Benito County illegally approved a pilot oil development project near Pinnacles National Park.
    The state is also delay permits
    July 2014 - new report from the Department of Interior’s (DOI) Inspector General looks at delays in issuing drilling permits for oil and gas wells and supports rationale
    http://bit.ly/1rQHW8G

    And if you wish to speculate about ordinance start with the framework
    An ordinance without exemption or exception shall apply retroactively as of the date this measure was found to have qualified for placement on the ballot. – Yes all new wells. Old wells – PCEC informed ROYT shareholders tonight yes. “Because PCEC’s ongoing oil and gas operations regularly require permits in order to maintain existing production, the measure, if passed in November and not invalidated by the courts, would have material negative impacts on PCEC's Santa Barbara production. Approximately 70-80% of the distributions paid by the Trust over the past 3 months have come from Santa Barbara County production and thus if Measure P were to be ultimately approved by the voters, survive legal challenge and be enforced, it would have a meaningful negative impact on the Trust.”
    Jul 25 01:55 AM | Likes Like |Link to Comment
  • Pacific Coast Oil Trust Opportunity [View article]
    There is everything premeditated about a PCEC and their newly created coalition group.
    1. Lose vote
    2. Cut dividend
    3. Continue to tell shareholders it is PCEC seeking comp and legally fighting this expensive battle when it will actually be CIPA, CNGPA and Western States Petroleum Association picking up the tab and looking for not comp but and overturn.
    4. Get todays Colorado judgment
    5. Get stuck while it goes thru appeal
    6. Before the final appeal let Breitburn pick it back up which will wonders for their forward earnings.
    Jul 25 01:31 AM | Likes Like |Link to Comment
  • Pacific Coast Oil Trust Opportunity [View article]
    Keeping in mind that ROYT is giving a worst case scenario to head off any potential lawsuits from unit holders who may say they were not sufficiently warned. Royt is and will always act lawless…..towards their retail share holders.

    Let's just be more lawless and state all present permits will be killed as well-
    Because PCEC’s ongoing oil and gas operations regularly require permits in order to maintain existing production

    survive legal challenge - 244 is correct about State Law Preemption….which Colorado just won on today
    Based on the foregoing analysis. the Court GRANTS Summary Judgment in favor of thePlaintiffs and against the Defendants. The Court finds Article XVI of the LongmontMunicipal Charter, which bans hydraulic fracturing and the storage and disposal ofhydraulic fracturing waste in the City of Longmont, is invalid as preempted by theColorado Oil and Gas Conservation Act.COGA, the Commission, and TOP each filed claims for declaratory judgment findingArticle XVI of the Longmont Municipal Charter is invalid as a result of operationalconflict preemption. Those claims are GRANTED
    http://bit.ly/WGrFZQ

    My predictions 2013- Rinse, wash, and repeat….something Kaiser & ROYT holders learned the hard way.
    Failing to inform the ignorant is profitable but disingenuous.
    http://seekingalpha.co...

    My prediction today - Spin, kick, and rebut after they lose the vote…but before a State Law Pre-emtion decision.
    That is my nice kind way of stating I expect they will weed whack all holders and then put it back in the Breitburn stable.
    Jul 24 07:17 PM | Likes Like |Link to Comment
  • Pacific Coast Oil Trust Opportunity [View article]
    The main risk for shareholders is huge and company communicated they would pull out to the media instead of their loyal shareholders
    http://bit.ly/WIi6cp

    Monterey County Superior Court judge ruled yesterday that San Benito County illegally approved a pilot oil development project near Pinnacles National Park.
    Jul 24 05:45 AM | 3 Likes Like |Link to Comment
COMMENTS STATS
189 Comments
71 Likes