OPL 3rd Qtr Report

[bigshot]

https://web.archive.org/web/20030317013812/http://www.overseaspartners.com/pdf_files/3q2002.pdf

 

[peacock71]

OPL...who cares? It is what it is, it was good while it lasted, I hope they respect us when its over.

Go UPS!
P71

 

[robonono]

Peacock,

I could care less if they repsect me when it's over. I just hope that there is something left to divide up among us shareholders once the dust settles.

I do agree with you though, it was a great ride while it lasted until the IRS screwed up everything.

 

[dammor]

Please explain to me what this OPL post means.
Sorry if I sound like an idiot, but I do not understand. Be kind. Thanks.....

 

[tuknick]

If you don't know what OPL is then count yourself lucky!
OPL was the reinsurance company for UPS, a lot of us got OPL stock for free, watched it grow, then cried (and are still weeping) as it got locked down (read, can not sell the stock) and it is being bled dry.
Long term prospect is that we will watch our gold mine turn into dust.

 

[gsx1990]

tuck,
There are alot of us that paid alot for OPL as well. I know I didnt get any free, and paid more
than $10 a share for a large number of the worthless shares I currently own. OPL is UPSers
version of ENRON.

gsx90

 

[lr1937]

I disagree that OPL is similar to Enron. OPL was a Bermuda company that is no different than a lot of companies that do business elsewhere to avoid taxes. I don't think ups went into OPL being devious. I do not believe it was dishonest bookeeping and financial reporting that did ups in rather it was the IRS challanging the legality of what ups was doing. That is what hurt opl. It would still be a profitable company if it wern't for the IRS coming after us. Big differnce between enron and opl in my opinion. There are, I feel certain, many companies are still operating on the same tax laws that opl did. What really bugs me is, based on the tax court ruling being overturned, there was nothing illegal going on. I am no lawyer and could be wrong but I do not believe opl was another Enron.

 

[michael]

I am not sure who should take the responsibility for the failure of OPL. What I do know is that it was part of many of our incentives. It was growing and we were all happy about it. Then the IRS trouble began, in the end, it would appear as if the company (OPL) was a legit one and possibly could have gone on. (Just my opinion-I have no hard facts to back that up) In the meantime, we were unable to sell any shares (with the exception of a few years when we could only sell 10%) and were forced to watch our investment be driven into the ground by some inept and WELL-paid people. I wonder if any of their compensation was based on the success of the stock price?

There are those that will say that these same people stand to lose just like the rest of us. That may be true, but in my opinion they were paid to make sure that NONE of us lost!

I have heard the theory that we got the stock for free and we should be happy with what we get because it was given to us. Well, I am of the opinion that it was part of my pay and therefore it was not FREE I earned it. When I earn something and invest it I would like to see a reasonable profit on my investment. Mary and her counter parts took care of that part for us didnt she! To add insult to injury, we were unable to unload a losing investment.

So, who is to blame for this debacle? I guess you can point fingers at a few sources. I would like to get the boards consensus on who they feel is to blame and why. I would be interested in finding out how many others share my opinion and/or have their own.

Michael

 

[sstreak1]

You think you earned your OPl Shares, what about the ones of us that actually took money out of our pocket to buy them? We may not have wanted them, but were forced to buy them at the 4 for 1 deal with UPS shares. Any body ever consider a class action suit?

 

[over70lbpkg]

I couldn't agree more with the class action.....does anyone have the time? It is unbelievable how this stock has conitued to drop and we can do nothing but sit by and hope that someday the stock might not be worthless!

 

[tieguy]

I think our blame lies with the IRS. I'll eagerly join any class action against the overzealous IRS.

 

[michael]

tieguy

If/when you hear about or know about one against the IRS please lets all of us know. Im sure we would all be interested in getting on that bandwagon.
Michael