John Rowe,
First, Seasons Greetings.
In answer to your Question, in 1997 the company owed us approximately $120,000 which we agreed to take in stock at .15 a share, which was the current price at the time. When we received the stock it was at .07 a share. In 1998 we rec'd about $11,000 in cash. A substantial balance was still outstanding. We still own OLEX stock.
We were prepared to support any management team, as our goal was to build a company. We passed on what we knew as to be true, as promptly as possible.
We don't "share...any satisfaction in the losses of the current management of Oilex". He wasn't HAD, he(they)were told of the current financial condition of the company when they took on the project and in HIS press release of July 14th, 1998 posted and distributed to all that he would "Buy-out the Debenture holder, advance funds to cover working capital, acquire 10 new "Swabbers", ..
on and on"... It didn't happen...The U.S.Dept of Justice sited ".. the Debtors failure to maintain insurance constitutes a BREACH OF FIDUCIARY DUTY TO THE ESTATE AND IS SUFFIENT CAUSE FOR CONVERSION OF THE CASE TO CHAPTER 7."
And now the Company Posts no information...So kill the messenager. We wish this project had been successful, it wasn't. Oil went from $20 to $11 which didn't help. Real Assets were bought with your $$$ and mine. Now they are squandered and lost in only 6 months. We were all had, but lets target the those that sank the ship.
We do wish all the best in 1999
The Baron
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