Pacific Rubiales (PRE.to) counsel Peter Volk wrote a comment on this site this morning (and this time I’ve confirmed that it was him) and in the name of equal time I am pointing you that way and reproducing the letter here. I think it’s important to hear the company’s side of the story. Without additional commentary, the letter:
My name is Peter Volk and I am General Counsel for Pacific Rubiales (PRE) and, in the spirit of full disclosure, also General Counsel for PetroMagdalena (PMD). It is not corporate policy for either company to reply to web posts but I feel it is important that the record be set straight. I can categorically deny and reject the notion that the email referenced above and quoted in your blog on the proposed acquisition of PMD by PRE was sent by Mr. Iacono; while he may disagree with many of your posts, as you know, he has never responded before and there is little reason or incentive for him o respond to that particular one, despite its many inaccuracies (only one of which I will point out, because it is rather critical – PMD subscribers at $0.30 also saw their securrities consolidated on a 7 for 1 basis, so their actual current cost is $2.10). Mr. Iacono, PRE and the PMD board all believe that the transaction delivers value in an increasingly difficult market, and have the confidence in the value proposition to allow shareholders to decide if this is true. PMD will be issuing a shareholder circular shortly that makes this case, and therefore there is no reason or benefit to responding to blogs (other than, I guess, this response).
I am not an IT person but I do appreciate your pointing out what could possibly be a security breach, which we will be investigating. In the future, please feel free to call me first to verify the provenance of any such emails.
Finally, my thanks to all of you for a very healthy discussion on the proposed transaction and its potential benefits.
General Counsel, PRE and PMD
Regardless of anything else in this letter, on one thing he’s dead-on: In the future, I’m going to call to verify the provenance of mails claiming to come from companies. Anyway, thanks Mr. Volk for taking the time to write, and please keep in touch.