Hey Homer — don’t be a cheap date

“Mixed emotions – that’s when your daughter comes home from prom with a Gideon Bible under her arm.” – James Hightower
By Gordy Vernon
Mixed emotions should sound like sirens when you find out your daughter paid for the room, her date doesn’t use condoms and is willing to go again if you pay for it. When you meet him and he’s oozing cold sores, doesn’t hear your suggestions and is sleeping on your couch when you wake up in the morning, it should sound tsunami alerts. That’s what Alaska has dredged up with their drilling incentives. There is a stampede going on and one of them truly is a buccaneer.
If this company doesn’t hit on something – most likely would be another state loan -there’s half a chance they won’t be around in January of 2014, much less, this January when their Richmond Hill bridge loan becomes due. Meanwhile we are deluded, thinking they own high rises in Houston, rigs in the Gulf of Mexico and offices around the planet.  Buccaneer is four guys that own 6 percent of 800 million shares that sells for 5.5 cents each and own a trailer on a gravel pad in Kenai.  How they ever bank to bite on their hook (nearly 40 percent of options) shows how tawdry financial research is.
I’m not against drilling.  Half the stocks I own are oil or drilling companies. No, we’re going to suck oil at a prodigious rate for another couple decades. I’ve lost more money on “new age” energy companies than I ever made in oil. So believe me, I’m not against drilling for oil. I put it in my car every week. 
I’m against drilling for oil by these guys anywhere close to Kachemak Bay. 
It’s like your Rhodes scholar daughter going on a blind date with a guy from Bean’s café. You don’t deliver the edict “don’t date”, but do discuss “that’s the wrong guy.” Who cares if the Bidarka Inn is full for two months in the winter if the whole summer tourist trade gets washed out in an oil spill? If they can’t pay their parking tickets for the Homer dock (at fire sale prices, less than 10 percent of what Port Graham charges) then how can they pay for any unplanned expense? Big deal if  they gave fourteen Homer residents jobs for eight weeks. Come on Homer  – don’t be a cheap date! 
It’s time for Homer to show its class – tell Sen. Tom Wagner, Gov. Sean Parnell and  AIDEA, thanks for the prospective, but we’re not climbing into bed  with it.  There’s no need to risk our livelihoods to make four Australians rich (sixteen foreigners if you include the Chinese bankers). Homer takes in four times as much in a summer as the total value of Buccaner stock.  We paid more for the rig than their company is worth.  Where’s the logic?  A little patience and they will disappear into the waste heap of finances. Hopefully they pay their workers and take their rig with them before they do. They can claim AIDEA bought it. They have, and you have too. We just don’t own it. Make no mistake about it – we’re on the receiving end. Just because we’ve got a date doesn’t mean we need to consummate it.

Robert “Gordy” Vernon is an occupational therapist who has lived in Alaska for 36 years, 34 years in Kachemak Bay where he started out working in the University of Alaska Fairbanks’ Kasitna Bay Lab during his college years.

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Posted by on Nov 14th, 2012 and filed under Point of View. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

3 Responses for “Hey Homer — don’t be a cheap date”

  1. deb says:

    what a waste of ink and paper … lvoe how everyone think they konw so much about this business or any oil or gas business…. unbelievable the myopic dense thinking process….good thing we dont all get graded on public opinion, rumors and inuendo… and oh yeah and completely made up facts and figures…

    • Gordy Vernon says:

      I get most my facts from Buccaneer Energy’s annual reports.
      Corporations are careful that they are factual because they can be sued for them.
      But interestingly there not too many facts in this piece, just similes.
      The facts are in the previous pieces. So if you’ve got better line on the facts, I’d like to know – how much money has Buccaneer Energy received from the state of Alaska. Buccaneer claims $27 million for the rig. AIDEA claims $80 million.
      And what are the terms of the loan?
      Thanks for helping us unravel this financial mess. And if you’re getting paid by Buccaneer, make sure the paychecks are good. That was a problem in Kenai.

  2. kim says:

    Thank you for writing this.

    “There’s no need to risk our livelihoods to make four Australians rich (sixteen foreigners if you include the Chinese bankers”

    I agree that we should not sell out our one of a kind home, for a few coins.

    This place means nothing to them but money, then they are out of here.

    This is God’s Country. You cannot serve both God and money.

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