Koil Energy Solutions Inc. (KLNG)

[spec machine]

I maintain that there has been NO summary judgement either signed or entered in the Aker case.

So that means that one of us is incorrect.

Who would like to make a wager and look it up by registering (for free) to view the court documents at the Harris County District Clerk website?

Remember, I have V-ger working for me and she doesn't like being doubted on the data she gives

[Fred Kadiddlehopper]

He's got to sell them first.
-Fritz

[uncleremus]

The guy who bought 1.4 million shares at .38 got a nice little annual return

[uncleremus]

The last filing on 12/19 says that summary judgement was granted for the plaintiff.it did not mention any specific damages relating to the 5 yrs of interest or attorney's fees.

[spec machine]

There has been no judgement or final decision from the court on the Aker case

The document that was referenced is a "motion for summary judgement" submission

DPDW at a buck/share=LMAO

[sidedraft]

Thanks.

[uncleremus]

Then you have to sign up with that database. It just said that summary judgement was granted to the plaintiff Deep Down Inc

[sidedraft]

Link doesn't work, gives this, "Not authorized to view image".

http://www.hcdistrictclerk.com/edocs/public/ViewFilePage.aspx?Get=JP0wSOIyVF0ExQKZt0P7/ZK1V7E9w9ldmIdZqQow5TmATDqXAQ/D4Sve+HleRY1ZmfsiM79JtMS8GFgQa1uHz83tlqxdncdnxRniPUMUNbMUGa+dh9RHnkjMdA7FNBG52bZdaJVsDNE=

[uncleremus]

http://www.hcdistrictclerk.com/edocs/public/ViewFilePage.aspx?Get=JP0wSOIyVF0ExQKZt0P7/ZK1V7E9w9ldmIdZqQow5TmATDqXAQ/D4Sve+HleRY1ZmfsiM79JtMS8GFgQa1uHz83tlqxdncdnxRniPUMUNbMUGa+dh9RHnkjMdA7FNBG52bZdaJVsDNE=

Looks like they'll get paid by Aker

[uncleremus]

Not sure who's buying...probably some buyback here.

[endub]

anybody know where this recent volume is coming from? perhaps its the company buying back as part of the $1M commitment...?

"The time of the purchases and amount of stock purchased will be determined at the discretion of management subject to market conditions, business opportunities and other appropriate factors and may include purchases through one or more broker-assisted plans and methods, including, but not limited to, open-market purchases, privately negotiated transactions and Rule 10b5-1 trading plans. The share repurchase program will expire on March 31, 2017"

[endub]

if the map viewer works on first link just zoom out and scroll to wherever it is you are interested in. not sure if it includes any offshore wells

[endub]

brownwater, you can try searching drilling permit records online on texas railroad commision website, if you are looking in tx. navigating the website is messy but i think you ultimately want to get to the api map view. see if this link works...

http://wwwgisp.rrc.texas.gov/GISViewer2/index.html?api=00132758

if not try...

http://webapps.rrc.texas.gov/DP/initializePublicQueryAction.do

you cant search by lat long but put in county up top and then approval date range on bottom(just input a range of about the last 0.5-1 year) and search. the result of your search will be a list of approved drilling permits for that county and you'll have to click on one under lease name. the location info of most use will be the distance and direction from nearest town under surface location information...or if the well has info loaded in the map viewer click on the map icon under API #

[Fred Kadiddlehopper]

Rest assured that if DPDW starts making money from an uptick in the sector, none of it will reach investors before it is skimmed by the rapacious management. Beware. There is a VERY long track record here.
Good luck!
-Fritz

[brwtrpilot]

figure I am looking for who is drilling on a specific section of land or water,. which company is going to be making money as they drill. AIS is a shipboard tracking system. My boat goes by the coast a lot and I am seeing activity in new sections that has not been there. so if I can get a lat/long then find out who is drilling etc. but I'm dumb as a rock so need a step by step to figure it out. lol

[endub]

are you talking about figuring out which oil companies own leases or who the mineral owners are? also, are you talking about TX specifically?

what does a.i.s. stand for?

[Trueheart]

Thought I'd drive by and comment as I am qualified as the owner of one share.

The big question regarding investing in Deep Down is why? Why put back and your money in a company that is wallowing, secretive, unfriendly to shareholders, and that by dint of self-governance has overpaid executives for underachievement?

There is simply an expanse of public companies that are great investments, many in the oil & gas field, that are not only growing but are paying good dividends.

Trueheart

[brwtrpilot]

Off topic, sorry. Been a while need a little help. Does anyone have in their knowledg base a way to track lease owners on near coast oil.. noticed a few more in the swamps and near shore. To the person who can come up with link I'll send you pictures from my a.i.s. i made yesterday. Spec? Hank? Unio,. Anyways thanks.

[uncleremus]

Best qtr in yrs.

[spec machine]

I guess you didn't see the court order filed on Sept 29th

Judge in Harris County Court compels Deep Down Inc to produce records related to the Ship and Sail lawsuit filed by their former associates against Smith and Butler

How is this not a reportable event under SEC rules???

Deep Down Inc gets socked with a hefty bill on top of that for the forensic digital search

Considering that the court already has emails about destroying the corporate books at Ship and Sail, what's the likelihood that the servers at DDI have been bleached?

BTW, the Foulkrods are accusing Smith, Butler, and Chamberlain of securities violations in the transfer of stock (or lack of) as agreed in the P&S contract

Maybe someone can get a question in on the conference call, they are too cowardly to take mine

How does a judge make a court order naming "Deep Down Inc in a lawsuit" without that fact being disclosed to the shareholders in an 8-k filing with the SEC?

[Toddmo1]

Is there another reason why there has been almost zero trading of DPDW besides lack of demand due to poor management and market forces? Am I missing something else? It seems like there is a virtual freeze on trading.

[frankermel]

BREAKING: Weatherford Pays $140M SEC Fine Over False Tax Accounting
Oil field services giant Weatherford International PLC has agreed to pay a $140 million fine to settle U.S. Securities and Exchange Commission charges it inflated its earnings by more than $900 million over five years by using deceptive income tax accounting, the SEC announced Tuesday.

[frankermel]

Who is Charles Njuguna, Business Mgr at DPDW?

[uncleremus]

It was up to 1 million dollars in shares not a million shares. If they were a buyer that day I may have sold them some.

[thealicemay]

On the conference call they kept mentioning over 200,000 shares repurchased of the 1,000,000 shares they are targeting. I see on July 26th a large number of shares traded hands. I suspect that was them buying. If so, we'll see that in the Q3 10Q.

TAM

[Trueheart]

Yeah, you're probably right.

Still, the share repurchase amount hardly puts a dent in the amount budgeted.

Trueheart

[thealicemay]

I believe all dollar amounts are "thousands of dollars". Look at ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. It looks like they bought 4,224 shares in June and have $996,058 left under the plan.

TAM

[Trueheart]

Shame on Ron and the Boys for creating a public company that does not have responsibility to its shareholders.

Was their plan from the start to change the Bylaws so that they could control the company 100%, do anything they wanted to do without consideration for nor consent from shareholders?

Trueheart

[uncleremus]

I noticed they lost an appeal in the Amegy bank case but that was not ddi but Smith Butler chamberlain. I didn't see anything relevant to the transfer of property titles

[Fred Kadiddlehopper]

Where the hell are the lawyers?
This seems like low hanging fruit for a class action.
-Fritz

[spec machine]

I posted all of them previously, just read back through my posts

Harris County Clerk's website, read Smith's lawyer submitted evidence in the SSI case

DDI 10-Q and 10-K filings on the Cleveland, TX petting zoo

And don't forget that I totally nailed the BS about charging Duco/Technip for the mob/demob cost of the portable carousel when DDI failed to deliver the "third party designed" carousel according to contract timeline. I knew that was BS the instant he said it. Sure enough, it was caught in an SEC audit as revenue reported that wasn't received. They had to restate earnings and now they are in yet another legal dispute over bogus billing.

Still think they are keeping your best interest in mind?

Keep thinking those sweet thoughts as they spend their days in fishing tournaments on the nice 38' Donzi that shareholders footed the bill for (after they gave the first Stay-Sys yacht back to the plaintiff in the SSI case to reduce debts owed)

Let's just look at a snapshot of facts

Deep Down Inc under its current management has destroyed ~$50 million of shareholder value since going public

Except for accounting tricks of aggregating losses in one quarter and revenue in another, they have NEVER had a profitable year

Even operating with sustained losses, Smith(s) and Butler have NEVER taken a pay cut and even took lavish bonuses during the FT fiasco

The 38' Donzi sportfishing boat is just the latest leak of obvious self-dealing

And they don't give a crap about anyone except themselves

[uncleremus]

Any links to court documents relating to transfer of title to property?

[Drugdoctor]

I see you have finally come to the right conclusion, which some of us reached several years ago, about this reverse splitting - management sucking company, that pays lavish salaries to management, and returns nothing to shareholders... Can't imagine why anyone would buy this POS..

[Trueheart]

Note 8 of the 10-Q reads that the company is authorized to purchase up to $1,000 in shares and as of June 30 it has spent $4 to buy 4 shares.

Did I misread that whopping $1,000 number?

Trueheart

[spec machine]

Destruction of shareholder value continues at Deep Down Inc

They just can't keep their greed in check as lavish salaries and perks for insiders, family, and friends continue to suck the cash flow and drain company resources.

Even after the phony revenue numbers were exposed by the SEC audit and the absurd purchases and give-aways of property were revealed in court documents, Smith remains as CEO and Butler remains as COB.

That's all anyone needs to know to figure out DPDW stock is worth ZERO

Absent any legal action, the sucking sound will continue as long as there is any revenue.

Probability of profit remains at 0%

WAKE

UP

[Trueheart]

Over 107,000 posts have been served up since 2006.

Trueheart

[Trueheart]

I didn't know about the left turn gambit into treasure hunting and am looking forward to big discoveries so that I can recover from the 90% down flu.

I'm stoked.

Trueheart

[spec machine]

You can ask "Where is the integrity of the BOD of Deep Down Inc?"

http://www.pennenergy.com/articles/pennenergy/2016/07/6-williams-cos-board-members-quit-after-failing-to-dump-ceo.html

6 Williams Cos. board members quit after failing to dump CEO

Nearly half of the board members of Williams Cos. quit this week after they unsuccessfully tried to force out the energy company's CEO.

In a letter made public Friday, former board member Eric Mandelblatt says he and five others quit Thursday after the remaining board members were unwilling to push out CEO Alan Armstrong. Mandelblatt said Armstrong is "incapable" of increasing shareholder value and "lacks the necessary judgment and character" needed to lead the company after a failed $33 billion takeover bid from rival Energy Transfer Equity.

In a statement, the company said Armstrong is the right leader for the Tulsa, Oklahoma, company.

Among those who left the board was former Chairman Frank MacInnis. The company named Kathleen Cooper as his replacement, bringing its total members to eight. Before the six members quit, the board had 13 members.

The others that left were Ralph Izzo, Keith Meister, Steven Nance and Laura Sugg.

In his own letter, Meister said the remaining members who refused to replace Armstrong were acting out of a "personal loyalty" to Armstrong instead of "permitting the facts of his performance to take them to the correct answer."

Does Deep Down Inc have even one director with integrity?

[atomicgator]

Keep up your search there is plenty out there in the public domain, the attached is an article about their top notch attorney, I'll let you draw your own conclusions.

http://www.houstonpress.com/news/lawsuit-claims-houston-attorneys-threatened-to-out-former-mob-boss-living-in-witness-protection-during-strip-club-deal-6722871

[spec machine]

Panama? Who got that half million and who benefited when it was written off as a total loss only weeks later?

clue- Panama has no oil & gas

[spec machine]

Don't you see why Butler always points to the balace sheet?

There are two sets of numbers that, when viewed together, give a snapshot of the company.

The balance sheet and the profit/loss

Butler points to the balance sheet because the P&L always shows losses.

He's hoping to distract from the painful truth.

Just listen to his disgust in the opening financial discussion of the last conf call.

He is ashamed to be associated with DDI, thinks Smith is delusional in his get-rich-quick schemes and will likely bankrupt the company despite his efforts to corral stupid spending.

Aren't you thrilled that Smith finally disclosed in the con'f call that he has swallowed the hook on another treasure hunting sceme????

Yeah, the subsea thing with "far greater returns than oil and gas" mentioned in the last question was all about his latest venture into wasting shareholder money on his gold fever quest for sunken treasure. Gives you a warm fuzzy feeling to know he is so dedicated to "core products and services", right?

The caller who asked the question was so excited he took another call during the recorded conf call!!! LOL!!!

IMO

[uncleremus]

By your standards I guess their whole balance sheet is a fraud pertaining to their cash position and debt level.... the only thing left to do is short it to the last breath.

[spec machine]

Anyone trolling for bad news about Deep Down Inc can easily see the past decade is an abundant source.

Hilarious that you think it's an unrelated case.

They vaporized $60M of other people's money in the last 10 years and rewarded themselves lavishly.

You think anything has changed?

How about that new 38' custom triple-outboard Donzi sprtfishing boat that they're playing in. Was that a good use of DDI cash at this point?

Or the petting zoo that they gave away?

Or the residential property adjacent to Channelview?

The writing is on the wall, they're in shut-er-down mode.

They sold the only remaining marketable asset they had (C-view property) to keep the paychecks coming. The cash bleed has never been controlled (they never intended to) and it's blatantly obvious that announcing a "share buyback" is totally disengenious coming from a company that is unable to borrow and will soon desperately need to raise still more cash.

If any shares are bought by the company it will certainly be only blocks held by selected individuals that DDI mgmt wants to help cash out. (Read the section about privately negotiated transactions)

BTW- Aker case in 8 weeks, DDI will either lose outright or will have spent more in legal fees than the original claimed amount in dispute

Then comes the Foulkrod case and in case you missed it, there is allegation of fraud involving securities (DDI stock). If they lose, DDI as you know it is done.

That's why nobody in the inner circle has ever bought stock with their own $ (except for the little pocket change amount in Q4 2015, they know the stock would likely turn to dust at some point in the not distant future

All anyone needs to do is read DDI's own evidence submitted in the Foulkrod case

Their own words!!!

It was a crock of crap from the very start, just a way for them to tap into OPM

It was a huge success .... if they can avoid jail and/or bankruptcy

IMO

[uncleremus]

Anyone trolling around for bad company news might have to wait at least until Oct since the trial was postponed again...and then of course the trial involves another company whose failure is not material to the success or failure of this one.

[frankermel]

Trial starts today, on merit. Ship n Sail

[uncleremus]

Which ceo/cfo Smith and Butler? I did and nothing came up. Deep Down Inc came up as a defendant vs j bar and that was dismissed last month.

[spec machine]

interesting filings and upcoming trial

http://www.hcdistrictclerk.com/Common/Default.aspx

search for the CEO or CFO in defendant

read till you understand what they have done

watch for the results of the trial in a couple weeks unless they somehow get yet another continuance (not likely)

IMO

spec

[uncleremus]

http://www.stonegateinc.com/reports/DPDW_May_2016%20Final.pdf

[atomicgator]

Read attached, plan expired in 2013 and hasn't been updated as is evident by last annual report:

https://www.sec.gov/Archives/edgar/data/1110607/000101968708003131/deepdown_ex0410.htm

It's all in the public record.

[frankermel]

Deep Down, Inc.
(OTCQX: DPDW)
June 20, 2013
$2.00