negative enterprise value per barrel, page-8

Recoop

Nice holding. not as big as mine but still very chuncky:-)

Trader, think about it, all those "failed" attempts to add shareholder value and they still have 30cents per share in cash.

At the end of the day the IPM TO was a poor attempt, however the decision to use script plus cash instead of mostly cssh has proved very smart. a cash bid would have probably resulted in a succesful takeover at 1.32 for a compnay probably not worth that much. It would have also meant the additional cash flow would have been less and COEs abilty to grow reduced.