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Microcap & Penny Stocks : OILEX (OLEX)
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To: CHRISTINE who wrote (4147)12/29/1998 3:57:00 PM
From: CHRISTINE  Read Replies (2) of 4276
 
What will the New Year bring to us lowly shareholders? I pray everyone has a healthy and Happy New Year. Christine

FROM AOL
Subject: Re: Order converting case to Chapter 7
Date: Thu, Dec 24, 1998 09:52 EST
From: CALIFTALK

Subj: Re: Happenings

That is the only order, Convert to 7 and New trustee appointed in Texas

Burditt seized the time while I was in NY meeting with the auditors
together with Richard Clark to have his attorney push the US Trustee in Las Vegas
to take immediate action.
We had previously deposited $25,000 to have the auditors complete the 1997 audit
and alert them to the issues in the fraud audit.

Paying $20,000 for insurance when operations are negative was not a good choice
for expending funds from advances by Saul Yarmak and
we considered reducing operations or closing operations until
conditions changed or we found a more reasonable priced insurance policy.

Saul Yarmak will cooperate with the US Trustee in Texas and alert him to the issues
that have been documented concerning the claims against Burditt and his sham
companies whereby they took advantage of the shareholders of Oilex

And after conferring with the 20 largest creditors, Saul Yarmak will decide
what actions are best to protect the shareholders, including additional advances
to purchase limited insurance to permit an order returning the company to
Chapter 11 reorganization, under the approval of the 20 largest creditors.
The only way the creditors will ever get a meaningful recovery
is from restitution and damages from the parties that looted the company
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