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TRGC---VERDAD'S UPDATE #2
VERDAD
VERDAD7@HOTMAIL.COM
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Hello everyone- Here's the latest:
Yesterday in San Angelo,Texas, a hearing was held @ 2:30pm concerning the employment of the Samson-Robbins Accounting firm to assist the Trustee, Henry C. Seals. This is the same firm that received $127,000.00 from Trinity Gas Corp.,USA to PRODUCE a 1996 audit so that Trinity could file the form "10" with the SEC. On October 2nd,1997. This firm gave the Trinity officials a list of 17 items that they needed in order to finish the audit. Most items were to be supplied by the Brownwood, Texas office, (by Bill Ruth & Dick Guilleman) and the other items by Sid Sers from Colombia.
Trinity assured Samson-Robbins that they would indeed cooperate fully with their accounting firm. On October 6th, 1997, FOUR short days later, with no warning what-so-ever, Samson-Robbins resigned. Upon checking their work later, it was found that they were NO WHERE near having a general ledger, a balance sheet, or a complete audit needless to say.
On October 7th, 1997, Jimmy Samson and Bill Tapp, of Samson-Robbins, in a conversation with Bob Yeager,(the outside attorney for Trinity), UNEQUIVOCALLY stated that "they would NOT furnish their letter of resignation, or report same to the SEC in as much as Trinity was not yet a reporting company."
We have since learned that, through a deposition of the head auditor/investigator of the SEC, that an "anonymous" letter was received by the SEC with the Samson-Robbins resignation letter. They subsequently learned that the letter was sent by the attorney for Samson-Robbins. This was the FIRST indication that anything might be "wrong" @ Trinity Gas Corp.. At the same time, Van Oliver, who is now the so called "shareholders committee" attorney, was advising Bill Ruth and 'ole Dickey boy to NOT TRY to work within the comapany to try and correct any possible problems, but to instead go directly to the SEC with as much "evidence" as they could supply, providing of course that none of their evidence pointed to themselves, just at Sid Sers.
So, let's review:
1. The Trustee, Henry C. Seals, has hired the very culprits that took in $127,000.00 from Trinity and then lied and went to the SEC with piles of misconceptions, mixed up and co-mingled bank records and total confused incompetence. In court, the Trustee asked for Samson-Robbins to be hired again, saying that they "are willing to work for FREE",(you know what they say...), so the Judge said o.k.. There are two reasons why they are willing to work for free, 1.) to cover their sorry a..es from a possible-no, PROBABLE lawsuit, and 2.), probably for the guilt of "getting in bed" with Bill and Dick and the the RESULTANT stock collapse!.
2. The "Shareholders Committee", who is EXPECTED to PROTECT the INTERESTS of the shareholders, has hired the VERY guy who advised Bill and Dick in the first place to save themselves, even if it meant they would have to destroy the company in the process. Plan "B" for them was to FORCE Sid Sers to turn everything over to them, including the Colombian concession.
By the way, the Trustee is now down to LESS THEN $250,000.00 CASH ON HAND!!! He stated in court yesterday that he basicly could care less about the shareholders- that HIS duty was to protect the interests of the unsecured creditors. (This will all be shown in the court transcript). At the rate he is spending OUR money right now, (the shareholders money!), he will NOT have enough left to pay the creditors.
I think that DENNIS HEADKE and the boys are starting to figure out that 'ole Henry has just been using them! Henry has NO concern whatsoever in the interests of the shareholders. He has been in this "Trustee Racket" long enough to know how to play the game, manipulate the system and stroke the Judges. However, I still believe that Judge John C. Akard, in Lubbock Texas, is smart enough to eventually see through Henry's smoke screen. Everyone, including the Judge, needs to review HENRY'S monthly operating reports.
The overall plan of the Trustee and the SEC seems to be to go after Sid Sers personal assets and destroy Trinity Gas Corp. USA, or at least weaken it to the the point that it cannot ever reorganize.
Speaking of reorganization, a group of shareholders HAS filed a Disclosure Statement for a Reorganization Plan ,(a REALLY good one), for Trinity. In the next few days, or so, I will be giving you a P.O. Box and an E-Mail address at least, for all shareholders to be able to contact this group directly.
The judge stated, in court yesterday, that he would entertain a motion to present the agreement between the Trinity Companies and a motion to have it executed and validated. I am sure the aforementioned group WOULD be happy to comply with the Judge's suggestion!
It might not be a bad idea for the Trustee to "separately escrow" the approx. $163,000.00 worth of unsecured creditor claims that are legitimate. Henry commited "semi-perjury" in court yesterday when he said that "the unsecured creditors claims were over $1.4 million dollars!" What he DID NOT tell the Judge was that the amount HE was quoting came from his own employee that included over a million dollars of debt owed by Trinity Gas Colombia to Marlin Drilling, Halliburton etc., and items such as Sid Sers' salary and insurance, that he KNOWS should NOT be on the UNSECURED creditors list.
The next message from me will report information on Trinity Colombia, domestic assets, future lawsuits, HOW SHAREHOLDERS AND CREDITORS CAN CONTACT the U.S. Trustee's office and the SEC office in D.C..
As you probably can imagine, I have been inundated with E-Mail and I promise you that I will reply to you in some manner. Please also know that those of you that sent personal messages too, they were relayed and were received most thankfully. I have forwarded some of your replys and offers of assistance to -THE NEW TRGC SHAREHOLDERS GROUP. They may be contacting some of you soon. They had representatives in San Angelo, in court, yesterday at the hearing. They are VERY SERIOUS and they are NOT going to let this company be senselessly DESTROYED!
Some of you have mentioned about your thoughts to have Sid Sers possibly returning in the future and resuming control of TRGC. PLEASE forget this- this will NEVER happen. This company needs a new larger, qualified, more diversified Board of Directors and management. Sid Sers should NEVER have anything to do with the management of TRGC in the future. HE does not want it either, his boat is over loaded as is with the Colombian Project. He just wants to do everything he can within reason to insure the success and prosperity of the company HE founded.
Let's see if we can go three days people without ANY "negative" comments. You guys just might enjoy it- I know most of us will.
Take care, keep praying and I will see you again soon.
Very Truly Yours,
VERDAD |
