I don't really undestand why we would not have delivered the Notice; that's where i get hung up.
Here's my thinking.
Don Lindsay says:
"We fully intend to take out your 24%, even if we are forced to grant you "Go shop" orders in exchange for a "FROR" -- we'll match your highest bidder if we have to. WE want to be the ones to choose our partner even if we have to alone take 100% first.
We're so sure we're buying you that we don't want the Liard interest transfered to you first before the buyout because of the unnecessary and huge tax implication for us, only to take them right back. You've clearly earned the Liard interest and it will be factored into any buy out valuations. No sense in triggering a 25 million dollar tax bill on us for nothing"
Elmer Stewart says:
"Sounds good but we've got restless natives to appease and we don't want to give away our only negotiating leverage for a timely buy out".
Don Lindsay says:
"We'll do our best but we likely won't get everything settled before 30 & 60 days expire so let's keep the clock start date ambiguous for now, just in case we need a little more time. No official Feasibility Notice means no official clock on us which means we are not forced into an official transfer and offcial tax consequences. If we can't settle on a buyout price by June 3rd then you can hold the position that the Feb 4th NR in itself constitutes a legallly defendable Feasibility Notice and we make our 75% back-in election before the bell, transfer the shares, take the tax hit and keep negotiating for the 24%.
We really don't think it will go to June 4th but let's agree to this so that we have enough time to explore all possible buy out options".
Elmer Stewart says:
"we checked with our legal counsel and it looks like we can give you this wiggle room but come June 5th, we won't be so accommodating. Hurry up or we'll start drilling at your 4 Times Matching Expense rate."
JMHO
