Member Info for TheLuckyPin

Ha, ha, you'll have to work out the removed letters of the word, shouldn't be too difficult.

If they can get that $500m, naye, let's not be *****rdly, triple bonus.

Argentina and Venezuela each had judgements enforced against them in US courts so the Sovereign Immunity angle seems just lawyerly spin unless some able lawyer has found a loophole for the IG. When there are billions at stake, well really only 500m now in Cairn's case, I suppose the IG considers the faint chance of success worth the extra few millions in legal fees.

You may well be right BBBoy. At the end of the day it's the big ii that will have the votes to approve or reject and they will be making their views known to the Board. We could have done with an activist investor such as Elliott building a stake here though it might have prevented the share price falling to recent low levels. If it were not for levelling down at those lows I would hardly be in profit though I did get the special div. on first tranches.

Not keen on Cairn getting involved further in India but if IG were to agree to hand over the 550m to Cairn for commercially viable investment in Indian energy sector it would at least draw a line under this sorry affair and the IG might save some face. Outside of that , as to further exploration beyond that embarked on or committed to, the attitude of Governments in thrall to the Climate Change cobblers and Net Zero throws a dark cloud over the whole industry. For my part I will be very wary of the sector and will be avoiding any long term investments only short term trades if an opportunity presents and I'm alert enough to catch it.

The value of India Air's fleet is a moot point in the present state of the air transport industry but there is surely another point here, the ability of Air India to actually operate outside of India would be impaired if they were unable to land without their aircraft being seized and all assets of the airline would be liable for seizure , properties, leases(?) and Bank accounts. They would still have to make payments on aircraft and the restricted flight destinations would be financially damaging for the Co. Imagine being an Executive responsible for the operations of the airline , sleepless in New Delhi I think.
As for the court case in the US if the tribunal upholds Cairns request all well and good for Cairn likewise the IG's appeal in The Hague, after all Cairn should itself be able to appeal any adverse ruling thus continuing the litigation and then decide to accept the IG's offer under the revised law. We've got $1.2b nailed on here let's not throw the other 550m away through impatience. Don't forget Cairn's legal teams have identified some $70b of IG assets that could be liable for seizure, it's not just the value of assets seized but the financial costs of having those assets out of action.

That makes sense. Thanks

The responsibility of the Cairn Board is to Cairn shareholders alone, if the new Law requires agreement of all 17 claimants to be effective it matters naught to Cairn if they are discontented, they will still be able to pursue their claims by litigation.

If settlement under the revised law is dependent on all plaintiffs withdrawing their litigation then it is a form of blackmail on any that does not find settlement under these laws agreeable. Cairn holds the strong hand here and should pursue full settlement of the win ,
inc. costs & interest, Yes, there is still GoI's appeal against the award pending, and they will take that as far as they can if Cairn press for full settlement but even should their appeal be upheld , however unlikely, Cairn could presumably appeal against such a result and with litigation still ongoing would still have the option of settling under the new law. The Board of Cairn have the fiduciary duty to shareholders to recover the full award, costs & interest, not to attempt to recover that $500m would be a dereliction of that duty. Might the GoI accept a reported offer by Cairn to invest that sum in India, on commercially sensible projects?. Personally speaking would rather we steered clear of India in the future.
And presuming full settlement whither Cairn then? Read an article, on CNBC I think, on the Delaware oil basin in S.W New Mexico which speculated that it might never be fully developed because of the present animus of Western politicians to the fossil fuel industries. We are as passengers strapped into a coach pulled by Gadarene Swine politicians possessed of the evil spirits of Cl. Change and Net Zero , so would rather most of the cash be returned to shareholders than be expended on exploration beyond present commitments. How much of a barrel of oil goes for source of energy or for heating ?. Had a look on the Internet and found pictorial for oil consumption and the segment for petro-chemicals was just 11%, now if correct that's a sobering statistic. Politicians may backpeddle somewhat when there's a prospect of the proverbial hitting the fan, note the ban on domestic gas boilers being pushed back, but one should not underestimate the willingness of many politicians to burden your children's and your children's children's future for their (politicians) today.

Indeed, I was surprised and puzzled as to why some hedge fund/s hadn't taken stakes here , but it gave me the opportunity to increase my exposure and just in time too.

Anyone would think we were proposing to enter the slave trade the way they were shunning us.

Well those institutions selling down should be shamefaced after this, but, hey, it's only investor's money , not their own.
Still early days though, the cash is not in the bank yet and the proposal as reported us only half satisfactory. This shareholder at least wants us to receive the full cwt of lesh

For any wokey snowflakes reading, the mention of brass knuckles in prior post is meant figuratively not literally.

"An amicable solution within the country's legal framework" , so no sign of change in their stance I'd say. Time for breaking out the brass knuckles and sending in the heavies. GoI intent on weaseling out of their debt, hoping the BoD will weaken and
accept GoI's position . No Surrender!.
Recent sale & purchase activity is Class 1 requiring shareholder approval, the award + interest & costs is substantial for Cairn. Anyone have any insight whether proceeding as to settlement would require shareholder approval?.

Wolfie !

Applied for £600 @ Primary Bid received 14 shares, £148. Ridiculous. As regards pricing 1060p , you were spot on wolfing.

Hmm, I'll give it 18 months.

Back in the ftse before the end of the year?

India set out its stall before the tribunal in The Hague and their case was comprehensively and unanimously rejected by the Judges, time for GoI to end its weaseling and settle its debt. As for the idea that the BoD should agree a settlement to satisfy only major ii's, well the board has a fiduciary duty to act in the interest of all holders large or small. Indeed smaller shareholders may well have a greater % of a portfolio invested here than the ii's. Having decided to move on from India years ago I would have thought the Co. through its Board would not be greatly attracted to further investment there after this imbroglio.

Rns half past three Friday afternoon, Blackrock increased holding by ?, an eye on that crock of gold at the end of the Indian rainbow perhaps?. Let's hope BoD can do a better job of leveraging the adjudication than BoJo & co managed with their 70 billion lever. Two buy trades totalling 3mn shares showing @ half past mid-day Friday as well.