I have re-read it a couple of times. I do not let the lawyers obfuscate reality with their accusations against Phil and family, that is what they are paid to do, no telling the truth from their filings that would be impossible. These documents are always full of hyperbole. The lawyers themselves state they don't know the facts so must assume some of the reasons behind the actions they point out as fraud etc.. It sounds bad but that is the intention, it could be pure fantasy, until you hear both sides in court or see Phil and IOC's filings no way to tell. But essentially here is what has happened....
39 of 40 units of the original partnership
accepted shares and payout on their investment, a 20% investment in the
refinery, not drilling, not exploration, not LNG. They took their money and ran
in '08, signing off on their holding. One person did not , Tom Peters representing 1/40th of the 20%
ownership in the refinery, he did not get a payout because he had filed
a lawsuit against Phil and IOC so the payout was held while this was being
decided unlike the other partners. Obviously some issues between Phil and Peters that the others didn't have at the time. With the drilling success at IOC this past couple of years now 46% of those original 40
units have all decided they didn't get enough money the first time and added their
names to Peters lawsuit although they had signed off and taken their shares earlier. That leaves 54% of those original partners not participating in the lawsuit.
The lawyers will twist it and turn it but
basically if IOC hadn't found Ant 1 and 2 we probably wouldn't be talking about
this. Going to be a tough slog for them to convince a judge after having taken the shares in '08, lots of barriers in their way including statues of limitation. Would love to see the response by Phil and IOC's lawyers, think Barry would provide that?