If the value of OIP's leases had any value whatsoever, why are...

If the value of OIP's leases had any value whatsoever, why are the shares trading at a discount to their cash backing?

Has anyone stopped to analyse the result of the meeting?

Approx 75M in favour, 25M against.
Ok, what does that say to me. If OXX were truly serious about a takeover of this company, surely they could have / would have bought 25 million shares on market (or off-market) which would presumably have taken the equation to 50M/50M. The total cost would have been no more than $2.5M, which for a company that has what, $12M in cash, would have been a good result.

Hmmm, now why would James Willis and Geoff Albers want control of OIP? I know, because they do not have any cash and are in fact running another company that has its accounts qualified as to their ability to continue to operate as a going concern.

That company of course is Exoil and is listed on the NSX, where Albers listed OXX because he could not get it onto the ASX in the first place.

Have a look at their 2009 Annual Report, page 26, which details the qualification.

If you think for one minute that Willis and Albers want OIP for their assets, you need to have you heads read.