There is a lawsuit that has had some filings regarding a shell company that was used to fund the purchase of the Chevron refinery back in the mid 90's. It looks as if now IOC has hit it rich with their NG finds that some of those partners have their hands out again, probably not unusual with success stories. Statue of limitations on civil suits in the U.S is 6 yrs, this occurring in 1994/95 so hard to see a court letting it go forward but the lawyers will do what the lawyers will do when there is money involved.
I read the lawsuit, sounds like all but one partner had already signed off on ownership rights , but they are now changing their minds. Sure the court will question that , statue of limitations etc. will make it difficult to win. It will add to the fudsters like Minkow's hype that's for sure. In the end not sure it is meaningful to IOC shareholders but the courts will get to decide and it will add to uncertainty for some.
Aside from the usual punitive damages the request is for 5.1 mill shares in the lawsuit which is about $300 mill today in IOC stock, based on a original investment of about $2 mill in total. Long road ahead of the folks that filed the lawsuit and actually seeing any damages or any award if ever. It will certainly muddy the water for some investors who hate controversy though. Usually these suits are leverage as you know, ask for the world and settle for what you can get, given their original partner investment of $50k it may not be much. This money was only tied to the original refinery purchase in Alaska, no drilling or exploration etc. so it would seem very limited but their lawyer wouldn't say that I'd bet.