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Microcap & Penny Stocks : OILEX (OLEX) -- Ignore unavailable to you. Want to Upgrade?

To: Marty Rubin who wrote (4224)	8/6/1999 1:51:00 AM
From: Richard L. Williams	Read Replies (2) \| Respond to of 4276

Straight from the horse's mouth--I wrote to Saul Yarmak the other day, and here was my reply, in the third person, as usual: >><< But remember Oilex? West Texas intermediate crude is now at $21 a barrel. At what point could Oilex' meager resources be operated and make a profit? Tell me it's worth an attempt, at least. Sincerely, Richard Williams >> The chapter 7 Trustee is selling the oil fields and the equipment. This will remove the liability of plugging the wells. In my opinion the liability exceeded the value of the fields and Swabbers have not proven successful. The hype of Burditt was BS The debts of Oilex were too large. Burditt personally took approx $1,700,000 of the Debenture cash for his needs. I am considering converting to Chapter 11, by offering the creditors more than they will get in Chapter 7, after the open ended plugging liability is settled. It will require a cash investment by me on behalf of the shareholders and will be used to fund the lawsuits against the directors and accountants/auditors, that permited Burditt to loot Oilex. The Directors and accountants/auditors are liable as they failed the fiduciary responsibility of protecting the shareholders. They allowed Burditt to sign the checks to pay his personal bills and instruct the bank to wire transfer the debenture cash to the account of Phoenix Reserves. The shell company that he controlled. The remaining asset of value after the dusk settles is the huge taxloss carry forward that could be as high as $8 million dollars, and the corp shell.<< Not much to hope for here...the swabbers did not work, and that was the basis for Oilex' "hopes," if there ever were any. Timmons and Clark are as much the villains in this as Burditt was. I wonder what they are screwing up now. Rick