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

To: zonkie who wrote (4054)	9/12/1998 10:38:00 AM
From: Steve	Read Replies (1) \| Respond to of 4276

Zonkie, I'm not against Saul personally I am for Saul being open and honest. I pushed him on his plans for bankruptcy and for his designs on PWRX. He has come forth and put his cards on the table in both instances but only after being prodded to do so. In the case of the bankruptcy certain things need to be cleared up: 1) Who are the creditors? 2) How much debt is really there? 3) What is the expected cost of prosecuting the lawsuit(s) vis a vis the amount expected to be recovered. If Saul spends large sums prosecuting the lawsuit(s) while in bankruptcy the judge will not look on this favorably. 4) Has the TRRC been notified as to Oilex's precarious financial position? 5) When will adequate public announcement of the bankruptcy be given? And in that public notification there is a requirement to mention bankruptcy in terms of the type of re-organization that is being undertaken. In relation to his desire, now revealed on a post from Saul on AOL, to merge with PWRX what concerned me in the past was how he could acquire enough PWRX stock to get a seat on the PWRX board. Saul satisfied that wish when he revealed last week that he planned to pursue an interpretation of the stock swap undertaken by Phoenix Reserves and Sawyer-Adecor/ORS whereby Phoenix acquired 20% of Sawyer-Adecor/ORS in exchange for 1 million shares of Oilex (pre-split)and the transfer of this 20% ownership of Sawyer-Adecor/ORS to Oilex in exchange for 3 million shares of Oilex stock as really 20% ownership of Titan Energy now PWRX. I have pointed out to him that he will have problems pursuing this because corporate stock follows the corporate entity. Since the corporate entity Sawyer-Adecor/ORS did not become the corporate entity Titan Energy/ORS then the June 1998 unwinding of the stock swap deal entitles Oilex only to 20% ownership in Sawyer-Adecor and not PWRX. But Saul is pressing ahead and will seek from the bankruptcy Judge a ruling on the complex transaction and what is fair and equitable for Oilex.