I am skipping about 50 messages here, so please excuse me if some of what I post is redundant.
I just got off the phone with Gary. He asked me to post our conversation, since he is busy answering phones and he pretty much repeats the same thing to all investors. So here are the highlights:
Reaction: Some callers are ready to kill him... Some panic sells this morning, but there are brokers lined up to pick up the slack. Take one look at the MIDLP trading today and it should be obvious.
The question on everyones mind: Who owns the patents? Well, the guy (I forget his name) who invented DF-144 does, and Midl is behind on the royalty payments. There are several parties who claim they own the licence to use the patent right now, including Dan Fisher, John Spriggs, Novagas shareholders etc.
Midland asked John Spriggs to bring them proof of his rights to the patent licence. If he can do that, they will pay up the back royalties, the money owed to the engineering firm (about $100K total) and get financing for the plant. Since Dan Fisher ruined them financially, this will most likely involve the MIDL shell being bought by financially strong company.
The patent fight is going to take some time to resolve. One thing that was proven beyond shadow of a doubt is that DF-144 is real and extremely valuable. MIDL wants to keep persuing it, but not until they are sure that they can get undisputed rights to the patent licence. In the mean time, they are trying to cut the best deal for us shareholders. It seems that the interested parties want complete control of DF-144, where MIDL wants joint ventures.
For those that blame Gary for getting them into this, I suggest that you look in the mirror at the person who placed your buy order. As always, there are no guarantees and we certainly have to look at what could happen with MIDL without DF-144. They need to bring some strong companies public. They proved that they can protect the shell and that they can pick companies with solid products to bring to the market. Now they learned to pick solid leaders too.
With some patience, I think it still is win/win situation.
Best luck to us all.
ER |
