Merry Christmas, John!
It looks as though our long, painful journey with Oilex is about to finally draw to a close:
>>Oilex Placed Into Chapter 7 Bankruptcy Proceedings
LULING, Texas--(BUSINESS WIRE)--Dec. 25, 1998--Oilex, Inc. (OTC BB:OLEX) has been placed into Chapter 7 Bankruptcy Proceedings under a ruling by the United States Bankruptcy Court for the District of Nevada.
The ruling modifies an earlier petition by the company under which the company initiated voluntary bankruptcy proceedings under Chapter 11.
Mr. Saul Yarmak, who was elected as President and Chairman of the Board of Directors at a Special Meeting of the Board of Directors held on July 21, 1998, in Fort Worth, Texas, stated, "The company looks forward to working in detail with the court appointed trustee towards resolving all issues relating to the company. In addition, the company wishes to commit to its shareholders that it will continue to cooperate with any and all investigations which may currently be underway by certain regulatory or law enforcement agencies" concerning prior transactions that occurred in the years of 1996 and 1997, and the first half of 1998.
Mr. Yarmak added, "The company continues to actively pursue appropriate legal remedies as they relate to questionable activities of certain prior officers, directors, consultants and employees of Oilex."
The Court, in its ruling of December 22, 1998, also appointed Mr. Randolph N. Osherow of San Antonio, Texas, to serve as Interim Trustee in the matter.
CONTACT:
Oilex, Inc.
Mr. Saul Yarmak, 702/870-0056
KEYWORD: TEXAS NEVADA <<
I have heard that Burditt, via Phoenix Resources, has been named top creditor against Oilex. So in effect, Burditt issued the debentures that destroyed Oilex, then he took that money, and NOW he gets all the properties back from Oilex. If I didn't get to see it happen, I might not believe it.
We can only hope that Califtalk has some trick up his sleeve. At this point, it doesn't seem that he wants to deal with this any more.
Rick |
