Subject: OILEX Report of scheming (This helps us recover)
Date: Sun, Feb 7, 1999 02:06 EST
From: CALIFTALK
Message-id: <19990207020653.07012.00000974@ng10.aol.com>
Burditt( now claiming to be President of Phoenix Reserves) now under oath states that Phoenix Reserves is a major creditor and has a claim of over $1,500,000.
This claim is based on information that does not appear on the three quarterly 10Q
reports issued by Oilex, and in effect is completely contrary to the reported data.
He also states that the swabber purchase from ORS belongs to Phoenix Reserves. His attorney has moved the Bankruptcy Court to lift the stay and now demands to take possesseion of the swabber.He proves this by presenting a Bill of Sale giving title to Phoenix Reserves.
This is the swabber that the news releases claim Oilex purchased from ORS.
This is the swabber that the Oilex financial statements report as being an asset
of Oilex.
This is the company (Oilex) that the financial statements state, had no financing
agreements on any of the equipment.
This is the swabber that was included as a depreciable asset.
Everyone should remember that in effect Allen Burditt ran the company, he hired and fired
the employees,he arranged to have Clifford Budd present the reserve report, he prepared news releases and gave the financial data to the auditors that reviewed the 10K and10Q
filings with the SEC,
and to the CPA that prepared the income taxes, he hired and instructed the company attorney, he signed the company checks, he purchased the equipment, and he gave
the orders that ran the whole company plan.
NOW in his greed or over confidence or cunning attorney actions he is preparing his downfall,
and / or proving the negligence of the officers and directors and auditors of Oilex.
It is a shame that the Directors and officers and auditors have allowed this to happen and as a result of the lawsuits they will face liability. They must take active actions to bring JUSTICE. |
