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Microcap & Penny Stocks : OILEX (OLEX)
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To: CHRISTINE who wrote (3808)8/3/1998 12:07:00 AM
From: Steve  Read Replies (2) of 4276
 
What evidence do you have that Omar was an officer in an alias company? And which alias company might that be. Burditt acting as registrant could have put Omar's name down on the organization papers as an officer without his knowledge because only the registrant's signature is required to set up the offshore company. Remember that posting undocumented facts about an individual that might substantially harm his reputation is libelous. Also, ask Saul why Omar was fired, the REAL reason only Saul knows in his heart. He won't tell you that reason because it would be personally and legally embarrassing for him.

Personally I feel betrayed by Alan Burditt. I have lost thousands of dollars for myself and friends. I'm lucky they are still speaking to me. I defended Oilex because of its assets and the application of production swabbing to its leases. I still believe in the business model put forward and wish Saul the best of luck in bringing that "vision" to fruition.

All along in the past few months I was just an investor like everyone else without special access. I was just persistent and asked the same questions to several different persons to get the whole picture. As it turned out the behind the scenes deals were the "whole picture" one I couldn't see and others I am sure only suspected without any hard evidence.

My worst case scenario for Reg S is a bunch of off-shore companies held by a principal in the firm getting the financing. These firms collude to short the stock and use the converted shares to cover any short position. I don't know if this scenario fits Oilex. I don't believe that Offie or Prudent Investor ever had a smoking gun on Burditt but I believe that they contributed to Oilex's problems rather than solving them. I am not defending Burditt I am only stating my opinion.

Though I wish Saul success remember that Saul has only invested about $900,000 so far and is now contemplating Chapter 11 to avoid paying receivables which include back salaries for field workers who can ill afford not to get paid as they are some of the lowest paid workers in the oil patch. If chapter 11 is accepted by the courts then Oilex's stock price will very likely collapse giving Saul the opportunity to pick up the balance of the shares for pennies on the dollar. All perfectly legal but a moral violation of the spirit of the rules surrounding a 13D filing. I would caution Oilex investors to encourage Saul not to file Chapter 11 as he can well afford to pay out the apx. $500k in receivables due. If he goes ahead and files Chapter 11 you can surmise his intentions on your own.

Regards.
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