OMOG post on Stockspot..:
By: [Ignore this user] hardknock ( [Ranked 11 to 25] [Ranked 11 to 25] [Ranked 11 to 25] [Ranked 11 to 25] [Ranked 11 to 25] ) | IP logged
5/1/2006 8:47:05 PM
Interesting OMOG BDGR post about lawsuit... MUST READ THIS IS BIG LOAD THE BOAT ON OMOG
Interesting OMOG BDGR post about lawsuit... from RaginBull by tchauncy. It was posted on the RB BDGR board.
ragingbull.lycos.com
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By: tchauncy
01 May 2006, 08:22 AM EDT
Msg. 1217 of 1239
(This msg. is a reply to 1215 by ajor1.)
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ajor- You are so wrong. I am the one who first convinced Barnett to bring this lawsuit against Lanza, Michael et.al. I am also the one who found the original law firm who was willing to and did bring the action, but only after I personally compiled reams of evidence against former management misdeeds against their OMOG shareholders. I am and have been since April of '04 one of the largest shareholders of OMOG who has bought every one of my shares in the open market and at the current price I am still sitting on a loss of just under a half million dollars. I have not asked for, and though offered, have rejected any compensation for all the work I have done for OMOG. My compensation will come, and IMO, come large by my shares appreciating in value after the assets that Lanza et. al. stole from the company are repatriated.
With that said, as a former Merrill Lynch Oil and Gas Investment Banker, and later the President of a Houston based Stock Brokerage firm that specialized in Oil and Gas, from the mid seventies to the late eighties, I can assure you that I have forgotten ten times more about oil and gas then Barnett currently knows and five times more then either Michaels or Lanza ever knew about the legitimate oil business.
I can assure you that Barnett is not the one holding up this settlement. In fact, IMO, it is probably his offers of accommodation to BDGR in this settlement that has dragged this on. IMO, he has been disgustingly accommodating and it is this show of weakness that has given a mixed signal to BDGR crooked crew into thinking they might be able to stonewall this.
Plain and simple. If you look at the history of this suit, you will note that it was originally only filed in it first pleading as a Declaratory action having to do with a bogus convertible preferred stock that Lanza, Michael, et. al. tried to convert in late '04 along with some 300 plus stripper wells in Caddo Parish that seemed to be illegally converted. If Lanza and Michael would have been smart they would have settled at that time. (Just like Clinton would have been best served had he settled the first sexual harassment suit brought against him) But no, they bet that Barnett and OMOG would not be able to find or afford a legal team to "play the hand out".
Only after initial interrogatories and interviews, did OMOG's initial legal counsel realize that the scope of this misappropriation against OMOG and it shareholders was much, much larger both in properties, and illegalities, then originally thought. Michaels apparently thought that through his "legal contacts", and early funds raised by selling BDGR stock, that he was going to hire a "silk stocking" law firm to "bury" OMOG's counsel in paperwork and minutia and financially force OMOG to drop the suit. Giving credit where credit is due, Barnett did agree with our initial counsel that it was time we brought in our own silk stocking team who could match hour for hour, but with the advantage of having the facts on OMOG's side, the work that needed to be done. The longer this dragged on, the more assets that rightfully belong to OMOG have been discovered, and the more illegalities have been uncovered.
What is truly amazing is that at the time of the bringing of the original Declaratory Action, BDGR appears to really have been clean of this thing. That is why they were not named early on in this suit. Only Rick Michaels because he was the Trustee for the Lanza Familily trust. It was only after the first two petitions were filed that Lanza convinced Michaels to take some 300 wells that he converted from OMOG into his other companies, into BDGR, which brought BDGR right into the heart of this. Pretty brazen, don't you think?
Now before you give me the BS that Lanza felt he could "take back" the wells because OMOG "didn't pay for them". Rest assured, that is not true. The wells currently in BDGR, were originally bought from Woolridge Production Company (a then Lanza controlled company) by OMOG, then controlled by Lanza and publicly announced in April of '03. The terms of the acquisition were that the wells would be paid for out of cash flow and some cash. The wells did fully pay for themselves from cash flow. But also during the period from June of '02 (when Lanze reverse split OMOG 1:1,000) to Sept. of '03, when Barnett took control, Lanza increased the total OMOG shares outstanding from 3 million to 900 million and raised between one and two million dollars on the backs of OMOG shareholders who thought they owned the wells in question along with other wells that Lanza later spirited out. Since the original purchase price of these wells were for some $600,000, if they weren't paid for, whose fault would that be?
None of this is "inside info". It is all in the lawsuit. And it is all irrefutably true, or else you can bet Lanza and BDGR would not have requested settlement. The settlement request was their idea, not OMOG's. I have personally felt all along and still do feel we should go to court and fully disclose to the public what bandits these guys and gals really are. But I am just one voice, and at least for now, a minority voice.
BTW, I have seen the BDGR added language, just as anyone who want to spend .08 a page from pacer can. I can assure you, that you as a BDGR supporter and shareholder do not want OMOG to put the amended petition in plain and easy view for all to see. I suspect that this will settle in a matter of days, not weeks, but if I am lucky, I may be wrong.
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