Whaler,

ISM is an exploration company, and I believe every prospect it has should be held in a separate subsidiary for two reasons:

1. To facilitate project divestiture and distribution to shareholders in a way that avoids double taxation, and

2. Isolate liability in the event of accident on any prospect.

As an exploration company with a business model of acquiring exploration projects, enhancing them and selling them, the only way ISM can obtain funds for future operations is to retain a portion of each project at divestiture.

With various posters predicting tomorrow to be either Armegedon or Apocolypse Now, I just hope everyone who wants out will get out now!!

Wild