Marty, First , we wish you the best in 1999.
We don't know, or to be more candid, if Allen Burditt sold any stock in OLEX, as we don't have access to his accounts. As to "...using oilex's money for his personal expenses;" Are you referring to expenses he incurred on behalf of Oilex? If so, I'm SURE he reimbursed himself. I have seen proof, that companies he is the majority shareholder in advanced $1.5 million to Oilex as loans and equipment useage. During the past Chapter 11 proceedings, Saul Y. was renting Equipment to the toon of $4,000 a month from Allen Burditt, creating a priority claim against Oilex assets. We just found this out over the last few days while we were in Nevada reveiwing the past proceedings.
As to "...Where did the millions go?", We know where some of the money was expensed, but with-out having direct access to the companies accounts, We can't respond or even guess as to how much cash was available to the company. We're in the dark like you.
We still believe SOMEONE sold stock they didn't own, but We don't think it was a MM directly. They were working against orders they had
and made a few pennies on each transaction in our opinion.
Best regards to you,
The Baron |
