Mediterranean Oil & Gas Share Discussion Threads

[bobobob5] 13/3/2014 10:46

Bearing in mind that nobody except myself was taking notes in the public seats, I ask yet again "where does this 'Romaron' material come from?"

It clearly comes from MOG, their brokers or someone very close to the company, or (very improbably) from Memery Crystal. It is illegal to record in the Court using eg a mobile phone.

IMHO DYOR etc

[grannyboy] 13/3/2014 10:45

Its a matter of reporting the evidence given in court not someone's fanciful thoughts on what that individual would've liked to have been said or done, even if it was posted on the MOG thread it should be as true to the evidence as is possible to give by a layman and in laymans terms..

Otherwise it could entice investors into looking favourably on ie MOG and buying into said company only to be disappointed if the reporting by persons such as romaron turned out to be way off the mark and the judge saw it differently....

[garymegson] 13/3/2014 10:28

grannyboy... a biased post towards MOG on the MOG thread how strange lol

And yes its all down to the judge now.

[grannyboy] 13/3/2014 10:09

Romaron's view is blatantly biased towards MOG..It seems strange that at earlier in the court proceedings romaron remarked on bobobobs reporting being incomplete etc but when it came to romaron commencing his updates he's stated on numerous occasions that he's not had any experience of reporting or of the court process, and yet he's able to give these ho so full and opinionated statements and expects people to take HIS thoughts has gospel... Thankfully his opinions arn't worth diddly squat and are pureley sour grapes on what shennenigans Higgs and the rest appears to have been trying on and the evidence given in court..

It's now down to the judge to do the right thing...

[garymegson] 13/3/2014 09:48

This is off triple I Romaron. Just making sure all us MOG holders have a view.

[altom] 13/3/2014 09:34

Thank you GaryMegson. Proper job.
I think that JM must realise that a quick promulgation is in the interest of both companies.

[garymegson] 13/3/2014 08:38

... to continue. My mention of 89% failure relates to finding oil in Malta. I'll pick through my notes again at some stage and add anything I think is useful. Much of what we listened to is repetition so don't beat yourselves up if my detail is thin, you've heard it all before. The judge interrupted more times today than all the other days together. This is probably normal but as this is my first case I cannot really comment further. According to Bobajob (nice bloke) the GKP case which has similarities had a decision after 61/2 months and the costs were apportioned 3 months after that. His guess was $1.5 mio for this case. I think that sounds cheap but his guess would be better than mine.
My conclusion is that Fraud was not proven. There were generally speaking plausible answers for all accusations and no connections between other parties were made. It appears that if Mishcon are correct then BH went rogue and did it all himself and I cannot accept that. Add to this the fact that as the accusation is at the higher end of the scale a higher level of proof is required. The LGO team failed badly here. BH made a few mistakes in calculations to the MOG board which if anything made him more human and empathetic to neutrals (we've all done it). BH came over as honest whilst NR was far more evasive and found it difficult to answer questions quickly. Both sides had motives but it is clear to me that dereliction of duty was more a case of NR's behaviour. If he had been a bit sharper or more inquisitive he could have gained more information. His failings were not the responsibility of MOG or more especially BH. I chatted to a few others and said the LGO argument reminded me of this:

NR was focusing on the wrong targets. Like many of us he has problems multi-tasking.
Morandi didn't attend, neither did Kelsal so I imagine signals/signs are made between the legal teams as they were not needed (plus it was over anyway). Genel turned up as did MOG PR and Liberum.
I think the price will rise on this and it will turn the MOG team into a Band of Brothers. It will be interesting to see how long it takes for a Liberum report to be issued. I am further heartened that the company has a knowledgeable COO who has the street fighting skills to handle aggressive QC's as well as the diplomacy needed for Government Authorities. It bodes well for Ombre Marina imo. Bill Higgs has survived this baptism of fire and I hope this energises him for the future. He actually said that now they can get on with what they do best. Finding and producing oil.

[garymegson] 13/3/2014 08:37

I'm sure the LGO shareholders (not bobobob5) will have a different take on this!

Groundhog day: (Courtesy of Romaron triple I)

That's what it felt like. At one stage, our brief Tony Zacoroli (TZ) said after following the LGO brief, Neil Kitchener (NK) that it was like listening to two different cases. The judge Justice Males (JM) said "that's not unusual". I must say that it gives you an idea when the only humour in Court does come from the judge. When asked by NK if "Your Honour" was happy with the arrangement of yet more copious document files he replied "ecstatic".
NK stareted off the closing submissions. His opening sentences said that this case would not turn on law which completely threw me. English law does not allow one man to mislead another. Intentions of representation and is BH an honest man?
His main import was that the 10/7/12 was not a courtesy call but the basis for the Fraud. A mention was made here by JM that the call/meeting was set up on the 6th when the Genel interest was not known. NK then said that BH then fed negative info about the asset. Important info about positive economics was suppressed.
JM states that the deal still has an 89% chance of failure.
Then there was a lottery ticket analogy from NK which I didn't get.
The bulletins that went out (not sure of date) from Stellar mentioned positive economics but LGO said they never got them.
The proposed OpComm agenda suppressed positive economics by leaving two columns out.
At 10.52 chaos as Kitchener hisses "I need those documents now" to his staff. Panic ensues, people disappear and NK develops a pronounced stutter.
I made a note here that judge starts helping Mishcon. I make another note in capitals "flogging a dead horse" (my words). It really was that dire but eventually NK got the rhythm back.
NK says that MOG have all the info and LGO are totally reliant on them. He himself accepts that it is not a widows and orphans scenario.
JM says "is it a case of MOG fed up with LGO not paying their bills". NK replies LGO not legally in default but it could be a psychological explanation for (not sure which side).
Another analogy or demotic as NK like obscure words. Two share a house that needs repairs. Formal sale in one weeks time, ad placed in gazette. Other party sits on an existing good offer and says nothing. That's fraud.
NK says nod, wink, unsaid many ways to Mislead. BH gave inaccurate info.
JM says to NK "NR didn't ask BH, are you talking to anyone".
NK replies that BH is trying to forestall that question.
JM mentions that is he saying "you should hear from the owner, not the estate agent's window" as more info was in the bulletins.
I thought this was telling from JM when he followed up with "my impression is it's quite a small world" in reference to farming out.
NK says that farm out is essential.
JM commented regarding the phone call "nobody says, "how's it going"" regarding farm out. NK says NR was "blindsided" and only told negatives, no positives on the 10/7 phone call.
Sergio Morandi NOT IN ON FRAUD says NK.
Around this time NK drops emphasis on Comfort Letter and some comments about DCF in the ERC report is the only way to value the asset.
JM says he has to accept NR evidence that it would not have helped LGO with Zeus being kept in the dark.
JM adds "we're talking to people" is all that NR would have got if he had asked the question on farm out to BH. [inference, he wouldn't have been any the wiser (my words)].
For those who care; NK mentioned the Parabola case and Downs & Chappell as being precedents. Finishes 12.32

TZ starts and says "We utterly reject the wide spread accusations which are of a sweeping nature". Which does kinda sum up the LGO case imo. He again suggested that NR has reverse engineered his view. He highlights that NR says farm out not always essential which contradicts NK's earlier assertion. TZ says a data room tells you nothing about other discussions happening and that is normal in the oil business.
Formal marketing should continue whatever as MOG is under pressure and if this failed, that was it.
On 6/7 MOG could not possibly know the Genel would do the deal and could pull out at any stage (Dominion example given).
Another example of evidence hidden by MOG in plain view was the 9/7 proactive video about the new data room. Farm out continuous since 2010. Invention or recreation with hindsight after the event was a reference to LGO evidence.
I've then got pages of stuff which argue the opposite to NK, all old ground imo.
One item I did note was the accusation that the OpComm agenda hid positives. Apparently it was covered in P and L's which mean plays and leads. As NR didn't read them it was obviously a clever part of the MOG Fraud strategy. NR had lost focus on what he was being told or shown. Apparently the Stellar website had Jurassic leads/plays as well as the bulletin. Carefully hidden in plain sight.
Mention of positive economics on website but not sure which one.
TZ says DCF NOTACCEPTED as valuation (one for Eagles, didn't understand).
JM comments that ERC has a different function to Stellar.
TZ says that the easiest way to keep LGO in the dark would to have served a Default notice but delayed serving in good faith.
Clarified that a "closed period" was not the same as closed to a deal as hinted by LGO. TZ again says that LGO are behind on debts and NR is not being paid a salary for period Sep2011-June2012. TZ talks about the LGO accusations and I write "Beyond elaborate". Finished 3.50
NK has another bite.
He says their case is not elaborate and the most straight forward in the world. More of the same. Finishes at 4.30
============
Judge says "I will Reserve Judgement" and that's it folks. The judgement could easily take 6 months.

I have tried not to mislead and off to watch Line of Duty. Will come back after.
Bobajob will hopefully write more tomorrow. I must admit to not reading his stuff because he is a dyed in the wool LGO fan and I can only take so much of the legal arguments. He has a gig this evening and I doubt he'll write anything until tomorrow. We had a game of "footie" in no man's land afterwards. Hostilities are over for now, plus he owes me a pint.

[altom] 13/3/2014 08:19

Does anyone have a clue how soon the decision is likely to be handed down ?
Do we have any Legal Eagles on board ?

[12bn] 13/3/2014 07:59

I am getting my money ready to buy some MOG at 2.5p. :)

[brettmo] 13/3/2014 07:50

Any instincts on how the judge viewed the evidence now the case is concluded?

[tarzanhey] 11/3/2014 16:46

The judge doesn't own any shares either and will I hope make a correct decision.

[bobobob5] 11/3/2014 16:36

I plan to be there. btw I don't have any shares in either of these companies.

[haroldthegreat] 11/3/2014 16:03

are you going tomorrow rob?

[haroldthegreat] 11/3/2014 16:02

you are not allowed to record in court. at a criminal case you are not allowed to take a phone into the the court. the last time i went to the old bailey i was told not to go into court with a phone at all. one is allowed into the mog case with a phone but not allowed to record. robo does a good job in making notes though.

[onceabroker] 11/3/2014 15:42

sufi posted this last week on iii


ive managed to get all of next week off from work.

which means I will attend a few days and possibly all the court hearing.

I was just thinking if it was a good idea to livestream the cortcase and put each day on this bb.

the hesring sound ,maybe of difficulty but its an idea and would like fellow moggers to advise accordingly because with it being open to public im sure we could somehow find a mothod that can bring each day live or recorded n placed here for all to listen.

I appreciate we don't have all day to listen but u edit as and when appropriate,

or is this me just being silly?

[bobobob5] 11/3/2014 15:17

1waving: it refers to a much earlier situation. How anyone could possibly take such notes without getting the official Court transcript (or illegally using a recording device) I have no idea. I don't know how accurate it is...the discussion about the 20% seemed pretty much irrelevant to me. Very curious indeed.

[1waving] 11/3/2014 15:00

bob
It's on iii from a poster called sufi sb who was there for 3-4 hours yesterday.
That wasn't all the post though, there was more that was quite offensive and personal.

Do you think that recollection/information comes close to anything said in court ?

[glyn10] 11/3/2014 14:52

It only matters what the Judge thinks.........

[bobobob5] 11/3/2014 14:33

I repeat: where did you get that purported transcript?

[odvod] 11/3/2014 14:09

"after my lawyers drafted the 10% transfer"

there is my A. mog drafted the contract which is a major in being professional and gaining a possible advantage. minor detail but it speaks vol in my book

[bobobob5] 11/3/2014 14:04

From whom did you get that transcript?

[drattuts] 11/3/2014 11:34

I hope Bob won't mind if I just post this bit from Morandi's testimony. The romaron post above looks like fantasy by comparison with the rest of what Bob has reported - do read it all folks as Pensioner2 suggests.

bobobob5 11 Mar'14 - 11:12 - 11676 of 11681 0 0

And on to:

LGO: by the end of June nothing has changed. Mr Ritson is exasperated by not receiving the information he is being invoiced for

M: yes

LGO: you thought Mr Ritson was right to be exasperated

M: yes, regarding the DVD

LGO: page 16. You suggest to Higgs and Kelsall "send Comfort Letter"

M: yes

LGO: Dr. Higgs disagrees with you and says you don't need to disclose the Comfort Letter. Mr Jenkins asks for information regarding what's going on with the Maltese authorities, etc. Response form you on 28 June to Mr Ritson. In para. 4 you fall back on your formula "the government seemed comfortable" because Dr Higgs said not to send the Comfort Letter

M: yes. I disagreed with Higgs.

LGO: Chariot had it. Did you feel happy not telling Leni that the MRA had offered a Comfort Letter?

M: I wasn't happy to delay telling this to Lenigas. There was possible leakage of it via the data room

LGO: p.35 "Comfort Letter". You thought you had an obligation to reveal the Comfort Letter to Lenigas

M: yes

LGO: you asked that this be signed as acknowledged

M: yes

[pensioner2] 11/3/2014 11:18

You guys need to read bobobob's detailed notes from court on Jamesiebabies LGO thread. Might save you a bit of money.