I found the letter that I wrote on 1/15/98 concerning my conversation with Baron Marney. All names have replaced with XXXXXX to protect the innocent and I eliminated the amount of shares I own because the world does not need to know. There never was a question 5, but I did not feel like renumbering everything. I never followed up with another call in February. I did not even correct my spelling errors that the SI spell check picked up.
See if my questions, the answers I received and the events since January all match. That is why I laugh at your source. When I wrote no answer, it means that I received some long drawn out response which did not answer the question.
>>>>>> XXXXXX,
How are you? My wallet is suffering from this stupid company. Has anyone discovered who were the lucky purchasers of the debentures? Did you get your questions answered by management? I talked to XXXXXX of Baron Marney yesterday. I wanted to write you yesterday, but I went to the Stones concert and didn't have time. The show was really good. XXXXXX was evasive on some questions but he answered others. The following is a list of things he told me, in no exact order.
1. all conversions are finished and no more are planned.
2. even after all the conversions were finished, the amount of existing shares never exceed the 50 mil. authorized.
3. the reverse split was done so that he could the sell the company to
institutions. I asked him how he was going to sell it to institutions : no definitive answer.
4. they have not set the date for the reverse split to take effect.
6. He thought the company handled the reverse split very well by
allowing the stock to free trade afterwards.
7. I told him that we are now split down to XXXXXX thousand shares (I
don't know the exact number that we all collectively own or the amount
that it cost all of us) over here and that they were killing us : no
sympathy from his end.
8. I asked him how he was going to move the stock price up to get to the Nasdaq : no definitive answer.
9. I mentenioned SI. I don't think he's ever coming back.
10. Oil production? : no answer
11. I asked if the company was planning to issue more shares. he said
that management might do it to purchase something. I asked him why
would the company purchase anything more when they can't handle what
they currently have. he didn't appreciate the question but told me that if they thought they should purchase something they would.
12. The company has a much larger book value than market cap right now and the reverse split was a defensive measure to keep someone from
walking in and buying the company or making a tender offer. If only I
had a few spare millions to throw around, I could go buy myself an oil
company.
13. I asked about a time frame, he mentioned 9-12 months. He asked for patience. I told him all I have is time and a huge tax loss to
hopefully work off when one of the other stocks hits. (Off topic, go
check out FIXC. Thats our favorite over here in the Shapiro house and
they are going to have a great 1998. The SI thread is almost dead
though. If you are interested, I can tell you more.)
Those are the main points I remember. The conversation ended on shaky
ground after he got pissed when I started reapproaching the unanswered
questions from a different angle. He stated that he already answered
the question and that it was enough. I did not post this on SI because I figured he might go check out to see if I immediately ran and posted our conversation. Maybe this will help me when I try to call him in a month or so and see how talkative he is.
I called Oilex on Tuesday. I asked to speak to someone about the stock and the SEC filings. The secretary offered me XXXXXX. I declined, because it is my impression from SI that XXXXXX is not told whats going on. She then offered me XXXXXX, but he was on another line. She took my number and it is about 48 hours later and no return call.
If you talk to XXXXXX or anyone, feel free to relay the little info that I have found.
Ed |
