Here is another post from Bobz by Verdad.
TO TRGC FAITHFUL- FROM VERDAD
VERDAD
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May 19, 1998
Hello everyone,
I have been traveling extensivly and have not had a chance to update you as frequently as I would like, not to mention the latest developments which I had to verify. I hope to do better in the future.
Before we get started, I believe I need to clear up a few things.ÿ
1.ÿ I do NOT belong to the NEW SHAREHOLDERS GROUP.ÿ I believe in what they are trying to do, I am in contact with them and I will assist them as sort of a liason between Sid Sers and their group.ÿ However, I feel that whatever decisions are made concerning the future direction of TRGC, it should be made by INDEPENDENT SHAREHOLDERS untainted in ANY way by ANY former "insiders" of the PREVIOUS management.
2.ÿ I am NOT Sid Sers' "co-conspirator", "mouthpiece" or his "alter ego".ÿ I happen to be someone who IS in daily contact with Sid, who has HIS trustÿ and is TRYING to do everything within reason to save this company!
Regarding the latest, (4th release), from Dennis Headke and Van Oliver, (WITH assistance from Bill Ruth):
Please NOTICE that this "group" is now calling itself the "Official" Shareholdersÿ Committee.ÿ I sure hope they are not doing this because of any "UNOFFICIAL" Shareholders Group that was not hand picked by the TRUSTEE and have NO personal agendas OR personal ambitions...
THE NEW TRGC SHAREHOLDERS GROUP was formed by VERY concerned INDEPENDENT SHAREHOLDERS who were very tired of standing idle by while the Trustee Henry C. Seals "milked" the company dry of all cash and THEN do what he does best- convert it to Chapter 7 and THEN liquidate all the assets.
The only thing that is keeping him from trying to convert at this point is the "CARROT" of the FOUR MILLION DOLLARS that has been frozen and the other Sers' assets that he AND his meter running lawyers have their eyes on.ÿ The problem that 'ole Henry has at this point is by the time an actual trial occurs and the appeals are heard, the company will be DEAD, the shareholders will have lost EVERYTHING, Ecopetrol will have rescinded the concession and the ONLY winners in this NIGHTMARE will be the blood sucking attorneys!
Apparently it has taken the TRUSTEE'S "OFFICIAL SHAREHOLDERS COMMITTEE" over four months to figure out what 'ole Henry has been doing to them AND ALL the shareholders of TRGC, WITHOUT even kissing them first!
Please remember Verdad told you FIRST what REALLY was happening with the Trustee, the money he was spending, the assets he was selling AND abandoning, the leases and the wells he was losing, the bills, royaltiesÿ and salaries he was refusing to pay and finally, the "REAL HENRY PLAN" that had NO part of reorganization in TRGC'S future.
The TRUSTEE'S cash receipts and disbursements report showed total cash available in the first quarter of 1998 of $632,240.00 .ÿ It also showed total operating disbursements of $51,344.00 for a company that is basicly a "paper" report company run out of the Trustee's Ft. Worth Texas office.ÿ ZERO TRUSTEE fees and "professional" fees cameÿ out of the $51,344.00 , we can all "look forward" to that in the April report that will be out around May 25, 1998.ÿ I figure if he includes everything that is owed, paid, billed etc., we will have less than $200,000.00 left by June.ÿ I guess that his plan is to keep raising cash by selling off the rest of TRGC'S remaining domestic assets.
The Trustee has listed on his Comparitive Balance Sheet total liabilities of $2,407,487.00 of which he lists $2,336,345.00 in unsecured debt.ÿ He KNEW that he was commiting PERJURY and FRAUD when he signed this operating statement and testified UNDER OATH in San Angelo, Texas in front of Judge Akard.
He KNOWS that the more unsecured debt he shows that TRGC owes, the more secure his position as Trustee is and he will NOT correct that totally BOGUS , fraudulent figure until it benefits him to convert OUR company to Chapter 7.ÿÿ
The NEW INDEPENDENT SHAREHOLDERS GROUP, newtrgcgroup@usa.net , can find ONLY!!! $128,490.33 of LEGITIMATEÿ UNsecured creditors debt out of the Trustee's CLAIMED $2.3 MILLION DOLLARS! This company was NOT insolvent and the Trustee AND his accountant KNEW it all along, but they already had their eye on the "double prize" of the frozen assets AND the Colombian Concession.
Getting back to the so called "Official" shareholders committee, part 2, concerning "Settlement Negotiations" concerning the "Farrallones Contract"-ÿ MR. DENNIS HEADKE did travel to Colombia after assuring his fellow "committee" members that he could convince Sid Sers to "give up everything" in return for HIS stock being "worth" something. To make a long, tedious story as short as possible, the arrogant, "know it all" , Dennis "the menace" Headke, managed to insult and DISGUST a very disappointed, cantankerous and stressed out Sidney Sers.
As far as the other "committee" member who financed Headke's ill fated mission, accelerating the "negotiations"- even though he did make more sense and have a better attitude , it is still a DEAD ISSUE as far as Sid Sers negotiating with ANYONE on the Trustee's "Official", hand picked Committee.
Sid just told me, that BECAUSE of Headke's attitude, and his "know it all" demeanor, he has NO DESIRE to EVER talk to him again.ÿ It does seem that Headke IS trying to position himself to become the new CEO of TRGC.ÿ If somehow with the Lord's help AND Sid's cooperation, we CAN pull off a miracle and save this company AND the shareholder's investments.ÿ
Now let's help RESOLVE the "numerous issues" that the Trustees "official" shareholder's Committee mentioned:
A) What ownership interest does Trinity USA have in the Farrallones Contract and it's potential production?
I would suggest that Mr. Headke roll over in his "bed" to the pillow next to his and ask Bill Ruth to explain to him about the agreement between Trinity USA and Trinity Colombia, that BILL RUTH WROTE.
B)ÿ What involvement rights will Trinity USA have in the future, etc?
Parts "A" and "B" are fully answered in a new comprehensive contract that Sid Sers has already agreed to and is in the possession of the NEW TRGC SHAREHOLDERS GROUP, with Sid's approval on EVERY page.ÿ This will soon be sent to Judge Akard in Lubbock, Texas as per HIS request, also to Henry Seals and also to the Trustee's "Official" committee upon request.ÿ
After both Judges, the Trustee and the SEC review this agreement, it will then be published for you on the internet.
To let everyone know how far Sid Sers has progressed to overcome his own anger, disgust and frustrations at the individuals DIRECTLY responsible for this debacle, he has decided that the shareholders who invested in HIS company based on their mutual faith in our Lord and Savior, will not be harmed by this agreement and will FINALLY be rewarded for their initial faith in TRGC.ÿ
A few "highlights" of this agreement are:
1. If Ecopetrol accepts the location as a Commercial Field then Trinity USA will be reimbursed two hundred percent-(200%) of its investment.
2. After the Colombian Government's / Ecopetrol profit percentage from the Concession, Trinity USA will have by far, the next LARGEST profit percentage in the concession.
3. Mr.Sersÿ has decided that TRGC and it's shareholders should receive their FULL percentage interest in ALL FOUR WELLS that have been drilled, even though TRGC has only directly funded wells #1 and only part of #2.
4. Since the Trustee's "Official" shareholders committee was so upset and AGAINST Trinity USA'S participation in ANY humanitarian program in Colombia, Sid has decided that 25% of ONLY Trinity Colombia's profit from the concession, will go to local charitable and social programs- such as the orphanage that Trinity Colombia is currently sponsoring in Cali, Colombia.ÿ Trinity USA will participate in any portion of this program only AFTER their DULY elected board votes to participate in some manner or not.
5. This participation agreement even mentions the possibility of a partnership and/or a merger or consolidation of Trinity Colombia and Trinity USA.ÿ However, in a future update, I will show you reasons why this might NOT be such a great idea for TRGC and its shareholders, after this agreement is executed and especially in a country like Colombia.
As far as parts "C" and "D", in the Trustee's "official" shareholders committee's fourth release, are concerned, why would Van Oliver, Dennis Headke and Bill, even include such OBVIOUS INFLAMMATORY QUESTIONS in their statement before a hearing or trial or the matters in question has occured?ÿ What purpose is served by the extremely premature discussion of items that no one, not even the Trustee's "committee" has ANY control OR influence over until the Court's have ruled on the items in question, which the way our system of justice works, could take YEARS for the final outcome to be decided.ÿ (WHAT A GREAT WAY TO "NEGOTIATE" DENNIS, WAY TO GO!)ÿ ÿ ÿÿ
Concerning part "F"-
1. It is NOT 30 million shares.
2. The 15 million shares were NOT free trading stock.
3. The stock was purchased by Sid Sers for $450,000.00 and then sold after the Bill & Dick instigated TRGC stock crash for $600,000.00 in early December of 1997.
4. Why don't we let the NEW TRGC Board of Directors make the decision on the recognition of any stock Dennis? Any attempt to plant such OBVIOUS seeds of "negotiation doubt" is a ludicrous and very immature tactic.ÿ Sorry Van, this DOES NOT HELP the situation.
To state on page 3 that a substantial "void" exists between Mr. Sers and the "committee" is the UNDERSTATEMENT of the century. The main "VOID" is between Sid and The Dennis/Van/Bill rap group.
In part 3, the Trustee's "official" shareholdres committee updates the reader on the status of the Trustee's adversary proceeding without deciding on the merits of the lawsuits, how REFRESHING.
It is nice to see that the Trustee's "committee" is finally very concerned all of the sudden about the amount of "professional" fees incurred to date by the Trustee's "professionals".ÿ They also announce that THEY are going to file a plan of reorganization for Trinity USA- but they do ALL this only AFTER VERDAD INFORMS everyone WEEKS AGO about the TRUSTEE'S spending and adverse decisions AND the filing of a disclosure statement AND reorganization plan already BY THE NEW TRGC GROUP ON MAY 6, 1998!
The highlights of this COMMON SENSE PLAN will be put out on the internet within the next few days or so.ÿ When the "D.V.B. Rap group" reviews it, they might not have to work so hard and spend so much money on theirs and just might decide it just might be easier and MORE BENEFICIAL to ALL TRGC shareholders to jump ON the bandwagon and have MUTUAL RESPECT and try WORKING TOGETHER, FOR A CHANGE. (It wouldn't hurt to help guide them the right way, if anybody can help!)
But Alas, as we look at page 4 and 5 of the Trustee's TRGC Shareholder's Committee's fourth release, it is OBVIOUS that Mr. Headke is in the middle of his well financed CAMPAIGN to try and become the new CEO of Trinity.ÿ
In part 4, you are WRONG AGAIN DENNIS, the Ecopetrol extension IS until July 7, 1998 and NOT May 28, 1998 and that IS in writing.
I hate to break your heart Dennis, but your obviously political "schedule of recommended intervals to be tested" and hopes "...that Mr. Sers will follow or at least seriously consider..." concerning the testing and perforation of those wells in Colombia, ended up in the trash can. How can you have the audacity and the arrogance and an obviously over packed scrotum, to sit there two thousand miles away and attempt to impress your fellow Trustee's "committee" members and shareholders with such BULL feces?
Why don't you cut out ALL the political crap and just sit back and reap the BENEFITS of Sid's 35 YEARS EXPERIENCE AND OVER 400 wells ALL OVER THE WORLD?ÿ All FOUR wells would NOW be perforated with gas and/or oil free flowing IF SID could have coordinated the equipment availability with the government representatives.ÿ
What YOU DO NOT REALIZE is that a representative from Colombia's Ministry of Mines and Energy and a Geologist FROM ECOPETROL has to be PRESENT, on site, during the testing and perforation procedure on ALL FOUR WELLS.ÿ After a few days of tests, then the announcement on the viability AND production potential will come from Ecopetrol and NOT from Sid Sers OR Trinity Colombia.ÿ The equipment is STILL over 300 miles away and should be at the site of well #4 as soon as all parties involved are coordinated. (We are talking about Colombia, not the USA-things happen very differently there!).
The best thing Dennis Headke attempted to do in his letter was to make a "veiled" APOLOGY to Sid Sers in the third paragraph of page 4, when he talks about the costs of drilling in Colombiaÿ "...are considerably higher than the costs associated with standard onshore efforts involving domestic oil and gas basins...".ÿ He also states that the shareholders "committee's" research reflects somewhat higher general drilling costs than those preliminarily reported in its last release. What he managed to do in the last "release" is infer to all the shareholders that Sid Sers deliberately inflated drilling costs for his own personal benefit.ÿ He managed in ONE letter and ONE visit to Cali, Colombia to ruin ANY chance of being involved in ANY reasonable mutually beneficial negotiations AND to destroy his own credibility COMPLETELY.
Nice goin' Dennis.ÿ Why don't you invite 'ole Henry to dinner and discuss your mutual ambitions.ÿ All I can say is that the Arthur Anderson audits AND the documented receipts WILL SPEAK FOR THEMSELVES.
Why don't you concentrate your efforts on SAVING the domestic assets, contact Dennis Spradley in Oklahoma City and get his report- it will help you in your research on these assets.
I will be back shortly with the last few pages to this update, if I can't get back into this post to continue, it will be titled accordingly, the continuation...etc.ÿÿ bye for now,
very TRULY yours,
VERDAD
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