From AOL ( califtalk )Re: Oilex future (here is my opinion)
To: RickSkyboy
CC: CALIFTALK
Rick, Here is my opinion.
When I was in New York talking to the auditors,
Burditt's attorney made the move to push into chapter 7
using the excuse that he was the largest creditor (Phoenix Reserves)
and operating without insurance was a threat to his interest.
The true reason was that he hoped to bury the evidence and actions
and escape Justice.
It is clear that not only is Phoenix Reserves not a creditor,
but in fact Burditt used that shell company to loot Oilex debenture cash
during the time period July 1997 to Feb 1998,
and Phoenix Reserves received multi millions of newly issued shares of Oilex in the years 1995 - 1996 - 1997- 1998
for no consideration or inadequate consideration and the shares were sold
on the market for cash. The stock sales were usually in Canada and the sales were made without proper disclosure as required by the SEC.
The proceeds were not properly reported as profits to the IRS.
The transactions should have been stopped and / or controlled by the officers
and directors of Oilex, and by the auditors and / or attorney for Oilex.
The shareholders have been cheated and are the victims of fraud.
Restitution and recovery thru the legal system is necessary to protect the shareholders. Hopefully the government agencies will finally make their move
to bring the guilty to Justice, and assist in the recovery for the investors.
I have acquired approx 38 % of the outstanding shares and I am willing to advance
my share of the costs to cover the legal expenses. Advancing money to keep the operations going at a negative cash flow of $10,000 to $15,000 per month
could be pointless and foolish in the face of falling prices for oil.
I advanced the cash to repair the swabbers and cover the flood damages from the recent storms in Texas, and the deposit to complete the 1997 audit, and the attorney fees, and the monthly operating cash negative from the time I became involved with Oilex in July 1998, and I covered the NSF checks owed to employees for prior
payroll costs. This has been a very unhappy situation that has proceeded from bad to worse without a light at the end of the tunnel.
Only restitution from the parties that commited this scam and the parties
that allowed this scam to continue without using their powers as officers
and directors and auditors and attorney of the company to stop these transactions, will allow positive recovery.
It is important that investor victims keep their records and share information
to bring Justice and prevent the guilty from escaping justice and to repeat
this scam again. It is our duty to bring Justice and not hide from the responsibilty.
Shareholders that want to share the costs and rewards (prorata)
should contact me. Califtalk @ AOL.com |
