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You got that right ! Let's see what the TA has to day on Thursday.
The loan might actually be real. I don't think that's an issue.(yet) The problem has always been when was the letter written and are people comfortable with it being dangled like a stick and carrot? The letter sounds great but the company has yet to issue any shareholder guidence on the VM litigation. The letter is basically worthless until/if ever a settelment with Montecito is reached. Volk played the letter defensively at the time of the departures... It's all very suspect.
If he didn't the pps would have into .000's based on Mason, BOD and I1's departure.
I would never buy into what IR says... personally. They got blindsided when we all started hammering them on the phones being disconected, website problems, Mason's and BOD departure way before the company announcement, won't give a straight answer on the Ventana letter. Just see what they say when you tell them you are recording the conversation, they don't like that very much... There are sharp people here with mad DD skilz constantly catching them asleep at the wheel.
Well let's hope for the best...
This is good work sperating out the VM leases... Thank you.
VM is great but there's a little problem they've had for over 2 years now... litigation.
This is exactly what I'm talking about...
Wouldn't you be?
Sure , why not...
To be perfectly clear I have never said WGAS will fold or go bankrupt. I think Volk is too shrewd and will play whatever card he has in order to turn a profit here, even if it means running the O/S to 300MM and doing another R/S. There's a lot of fantasy here with Virgin Oil but nothing to back any of it up. Some people long , short or indifferent are ignoring facts and letting the dream of a 100 bagger cloud their judgement. People need to stick the facts and agree to disagree sometimes. Contrasting opinions help keep things in perspective.
Since when does Montecito own VM179 outright? They sold a significant portion to Volk. It is however tied up in litigation until there is some settlement.
The Ventana commitment letter is highly suspicious. Has anyone seen it or know when it was written/issued to Volk? The last 2 Q reports have cited a pre-approved amount of $8.5MM....Hmmmm isn't that the same amount in Ventana's letter? isn't it possible that the letter was written 8 mos. ago but Volk held on to it for the right time. He happened to release it when the BOD and Mason left with the I1 well. I call it slight of hand... Does that bother anyone?
The villification of Mason and the BOD is simply disingenuous. For what ever reason they're gone and if what others say about Volk making deals behind they're backs is true, well, no wonder they're gone. What does that say about Volk?
The Dilution is out of control! It's up 500% from the reverse split. When will it end? Who knows but can anyone honestly say Volk is not continuing to issue shares? No, because how is he keeping the lights on or the phones for that matter? What has been his MO is funding the company... that's right TOXIC funding. Volk has Volk's best interests in mind, not anyone else's. If he wants another R/S he'll do it.
Yeah, and the ones that converted above .02 are probablly pissed right now and the ones that did it above .03 are furious!
So it's up another 13MM shares this week... That's 5 fold from the 32MM after the R/S. No sign of dilution slowing !
Down... .00's
You're talking about ancient history. WGAS fighting for its own survival.
So, Volk who is $14MM in debt wants to acquire a company $44MM in debt... makes perfect sense to me...
Don't you mean a rocket ship to the center of the earth?
I think we'll see .005 today.
Are you really surprised?
Nice bid... you will get it soon enough!
No one wants to sell low... no one willing to pay more than the bid... Simple. Buyers want to see proof of development and value of Ray's assets. O/S has been slowly increasing bringing pps down. Sellers won't sell when they know a little piece of news will make this pop... but the buyers feel like it ain't happening soon and won't pay more than the bid...
This will plummet when no PR shows up today, tomorrow or the next day... There's waaaay too much to sort out for a simple Status Conference to move VM litigation forward...
JMO but... just let the facts be the facts. Stop tarnishing what's in the past. What's done is done, focus on what you think is positive. My guess is, you don't want to turn people off from WGAS because of the companie's past problems... Keep up the good work, DD and all. You are strongest when the facts speak for themselves.
What did he do wrong? Facts only, if you can find some that is...
The Virgin bankruptcy is a giant hairy mess... This will take years to unfold. This is not cut and dry by any means...
Virgin owes a total of about $44MM. Tony Smith of Montecito seems to have invested about $8MM in Virgin and is one of many claimants. The case number 2011-12640 appears once on page 14
Paxton Intervention means those certain proceedings commenced on December 5, 2011
(Trustee’s intervention filed on May 17, 2011 and Granted on May 21, 2011) styled Montecito
Offshore LLC v. Paxton Energy Inc. and PaxAcq, Inc., Civil Action No. 2011-12640 pending
before the Civil District Court for the Parish of Orleans, State of Louisiana.
No indication on how Paxton is connected in the bankruptcy re-org plan other than the fact that Virgin and Montecito are connected via VM179 which is tied up in litigation..
why didn't mason take shares for salary like volk and butero did? You can't pay your own bills with restricted stock. Butero got a handfull of shares for doing barely a week's worth of work. butero also has a paying job, wgas was gravy for him. Volk is independently wealthy and has been paying himself with shares in a company he is manipulating. Mason was smart to get a salary and stock is worthless. perhaps he did not trust Volk and saw how he was running hid financing and that made him choose $$ real money over stock.
why did mason want to drain off shareholders' cash to line his pockets? It was contracted he get paid for his well.Do you think he should have donated it out of the goodness of his heart?
why can't mason be held to the same standard that people have for volk? What standard is that? You mean contempt and vitriol becuase all Volk knows how to do is spin PR's and raise the O/S with MORE TOXIC financing? Becuase its been 2 years and there's nothing new here? No results, no forward movement with VM? that's why Tony and the BOD left, Volk was running the show and they disagreed with how he wanted to run it.
Well it produced more oil than the entire time Volk has owned Paxton/WGAS... which is worse?
Didn't you just post a requirement threshold of greater than 15% must be 8K'd ?
Thank you, this is my point. If O/S is going to increase there better be a benefit to it. Like paying for sampling/survey results we can see! So far doesn't seem like there is much activity in Ray's phase 1 Exploration for Baltimore and GB2 claims. Any positive news on these will pop this pps. Even Scott Hoffman would've figured this out by now...
Just calling out the increasing O/S...AND lack of ANY material events.
I've been watching since it was 78MM kindly tell me what it currently is? (Rhetorical question) If that's not dilution please tell me what you call it?
Oops! So, where is Paxton in this hearing? Please post case numbers as they relate to the dates of various Montecito hearings. Thx!
Okay, what about the monthly/ quarterly progress? Haven't seen squat here... Only downward trend and ongoing dilution. O/S was 78MM when started watching here.
Ray leased those mines for a reason... Is he playing a hunch or completely BS'ing everyone? Where are the survey results already?
And what was that DD? Nothing she said was true, not even close!
But.... The piece that Volk and Montecito own is around 500. That's five... Zero...zero.
Sorry, what did she do for us?
No, which might be one reason they all resigned along with all of the new rounds of toxic funding.
This is cleat in contrast to your earlier argument disputing my statement that Volk is not disclosing where these new shares are going and that there are ways around having to file an 8K.
So why would a judge care to see the letter?