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

To: John Rowe who wrote (4149)	12/25/1998 11:11:00 AM
From: Richard L. Williams	Read Replies (1) \| Respond to of 4276

Merry Christmas, John! It looks as though our long, painful journey with Oilex is about to finally draw to a close: >>Oilex Placed Into Chapter 7 Bankruptcy Proceedings LULING, Texas--(BUSINESS WIRE)--Dec. 25, 1998--Oilex, Inc. (OTC BB:OLEX) has been placed into Chapter 7 Bankruptcy Proceedings under a ruling by the United States Bankruptcy Court for the District of Nevada. The ruling modifies an earlier petition by the company under which the company initiated voluntary bankruptcy proceedings under Chapter 11. Mr. Saul Yarmak, who was elected as President and Chairman of the Board of Directors at a Special Meeting of the Board of Directors held on July 21, 1998, in Fort Worth, Texas, stated, "The company looks forward to working in detail with the court appointed trustee towards resolving all issues relating to the company. In addition, the company wishes to commit to its shareholders that it will continue to cooperate with any and all investigations which may currently be underway by certain regulatory or law enforcement agencies" concerning prior transactions that occurred in the years of 1996 and 1997, and the first half of 1998. Mr. Yarmak added, "The company continues to actively pursue appropriate legal remedies as they relate to questionable activities of certain prior officers, directors, consultants and employees of Oilex." The Court, in its ruling of December 22, 1998, also appointed Mr. Randolph N. Osherow of San Antonio, Texas, to serve as Interim Trustee in the matter. CONTACT: Oilex, Inc. Mr. Saul Yarmak, 702/870-0056 KEYWORD: TEXAS NEVADA << I have heard that Burditt, via Phoenix Resources, has been named top creditor against Oilex. So in effect, Burditt issued the debentures that destroyed Oilex, then he took that money, and NOW he gets all the properties back from Oilex. If I didn't get to see it happen, I might not believe it. We can only hope that Califtalk has some trick up his sleeve. At this point, it doesn't seem that he wants to deal with this any more. Rick

To: John Rowe who wrote (4149)	12/29/1998 2:18:00 PM
From: baron-marney	Read Replies (2) \| Respond to of 4276

John, thank you for your response, and the best of seasons greetings to the thread. This Dog is not dead !!!!! (..meaning OLEX). I have no axe to grind with Alan B. or Saul Y. (Califax), only with the way some things were done. We are not of the opinion that the public fighting benefits the shareholders. We're not of the opinion that losing million dollar(s) assets for a few thousand dollars is being responsible to shareholders. All "Stripper" producers are having a tough time and year end is not the time to sell. We have always veiwed it as a time to pick next years winners that are in the dumpster in Dec. OLEX just might surprise few people. Point 1:The company still has valuable assets that can be sold to cover the 1.8 million in recorded liabilities and still have something left over for the shareholders. Saul Y. could respond to this as he was last in control. Point 2:Even if the corporation is liquidated, the stock will still trade, the Trustee will sell it as an asset and the stock will trade with "Q" at the end...Example, Debbie Reynolds Casino, Symbol DEBIQ until a new direction is found for the company. Public corporations don't usually die unless out of stupidity of those in control. Point 3:WE haven't seen any of the Marketmakers dropping this stock, which is a good sign. Point 4:Just remember, for every seller it takes a buyer. Point 5:We think you should remember that the management of a public company can reverse a stock more than once. SO..... In answer to "...is there any life left in this nag," Our guess is yes and a lot of $$$$ can be made watching this "PUPPY". "Do we buy today, or watch..." is the buyers choice. We'll sit on the sidelines till the first of the year, the stock is too cheap for us to sell,and we have enough losses for the year.. Thanks again for your response any Happy New Years to ALL