Post from AOL. A new beginning.
History repeating.
In 1990 - 1991, Califtalk, (Yarmak) stopped the clock and took over control
and management of the BXI Trade Exchange. This was a company that since
1960 was the leader in the Barter Industry. But in 1997, the company was sold
to a new owner. In the subsequent three years, that new owner almost destroyed
this fine company. In fact, in 1990, the new owner filed Chapter 11, to prevent
the creditors from taking over the company.
Yarmak then led the creditors group in a reorganization plan, whereby they took
control of the company, using the Chapter 11 format, to save and protect the company.
The rest is history. Yarmak then led the company to new heights. In seven years
the BXI Trade Exchange was larger and stronger than ever. It had expanded FOUR
times the size from the time Yarmak took over control. In 1998 Yarmak sold his
share interest in BXI.
Now Oilex is under his control. He is the largest shareholder.This is the best news that
any independent shareholder could ever hope for as the best possibility to save the
Oilex company, and for present shareholders to recover their investment.
If Yarmak feels that Chapter 11 is necessary to hold creditors at bay or to use the
Federal Judges power to rescind prior transactions that benefitted insiders at the expense
of the shareholders, then be certain that he knows how to do it right and to protect
the company. In addition, after filing Chapter 11, when Yarmak advances the new capital
investment, the money will be used for growth instead of being grabbed immediately
by the old creditors. The Chapter 11 will allow Yarmak to manage the company as
Debtor in Possession without pressure from the creditors, and the new capital will
allow the company to become profitable, the power of the Court will be used to
recover from the sweet insider deals and rescind them , then the plan to repay the
creditors will proceed in an ordinary business manner.
My advice to shareholders in Oilex, you have the right man at the helm to steer
the ship to safety. Give him your support and confidence. |
