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vortex ihub board:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=33523331
spread the word.....
SEE: VYEY, FTXN, GFCI > Get a good look at the future of Vortex - ALL cut from the same SCAMcloth IMPO.
I dont think u have anything to worry about, Fullenkamp et al is a good a litagator as he is a CEO .... lol
This was funny:
http://newsblaze.com/story/2007050809595500002.mwir/topstory.html
A funny thing happened after former Victory Capital Holdings Corp., now doing business as Victory Energy Corporation (OTCBB: VYEY), CEO George Sharp won an order for judgment against the Company. The Company's Counsel, William K. Vogeler of Gruenbeck & Vogeler suddenly became aware of documents he previously represented did not exist.
As previously announced, the $207,518.07 judgment was more than the $150,000 that Sharp initially sought in his motion. Victory Energy's counsel, William K. Vogeler of Gruenbeck & Vogeler, attempted to provide the court with an interpretation of the agreement that was clearly contrary to its intent, and asked that an amendment to the agreement, which actually called for a lower award, be invalidated. Mr. Vogeler argued that the amendment was never signed and should therefore be ignored. He backed up his argument with a declaration by current Victory Energy President Jon Fullenkamp, who declared, under penalty of perjury, that he did not agree to the amendment.
Mr. Sharp's Counsel, David J. Harter, was only too happy to submit to that argument, as apparently was the California Superior Court Judge who awarded Mr. Sharp the higher judgment amount.
Now in a new Motion for Reconsideration filed on May 3, 2007, Mr. Vogeler swears that the amendment to the settlement agreement had indeed been signed on August 10, 2006 and that the Court should therefore lower the award to $150,000. Mr. Vogeler attached a copy of the amendment, now signed by Mr. Fullenkamp, to the new motion. Mr. Vogeler declares that he received the signed version on April 27, 2007, the very same day Victory put out a press release stating that the document was unsigned; just 21 days after Mr. Fullenkamp swore, under oath, that he had not signed the document; and, more than 8 months after the date he now claims it was signed.
According to Mr. Sharp, neither he nor his Counsel had received a copy of the signed amendment.
Neither Mr. Vogeler nor Mr. Fullenkamp provided any declaration to the Court explaining Mr. Fullenkamp's earlier conflicting sworn statement.
Victory has yet to put out a press release correcting the information that the Company provided to the investment community within their April 27, 2007 release, in which they implied that the amendment was unsigned.
HERE IS AS GOOD A PLACE AS ANY TO GET SOME DD INTO HIS LITIGATION SKILLS:
http://www.google.com/search?q=JON+FULLENKAMP+vs+George+Sharp&rls=com.microsoft:*&ie=UTF-8&oe=UTF-8&startIndex=&startPage=1
SOLAR CELLS USING MORE AND MORE SILVER >
The 2012 Estimate for Silver used in solar cells ranges from 1,111t to a max of over 4,000t > 2007 it was 432t
FULL STORY:
(And great website for Silver News)
http://www.mineweb.net/mineweb/view/mineweb/en/page32?oid=70524&sn=Detail
Fortis/VM Group predict solar energy will boost silver demand
The Fortis/VM Group’s Silver Book says silver demand in solar energy is expected to almost triple by 2012. The solar industry is expected to be a major consumer of silver in ten years. Author: Tessa Kruger
Posted: Wednesday , 08 Oct 2008
JOHANNESBURG -
The solar energy sector is expected to become a robust driver of the silver market in future as silver demand in solar energy is forecast to increase to about 1,270t by 2012.
The Fortis/VM Group's latest Silver Book says silver demand from the solar panel sector was only 432t in 2007 based on the assumptions of maximum silver loadings perinstalled wattage of 0.12g/W, 4GW production (2007) and a 10% market share of non-silver containing thin film PV units.
However, future projects appeared very promising for silver demand in solar energy and therefore silver demand in the solar sector was forecast to increase to almost 1,270tby 2012 at 22GW of production. This forecast was based on the assumption of an annual 5% decrease in silver loadings per watt as efficiencies improve and market share of thin film technology rising to 25%.
The Silver Book said its conservative estimate for photovoltaic (PV) growth to 2012 was 13GW, which brought its estimate of silver demand for that year down to 1,111t. But the most aggressive industry forecast was 52GW, which would imply 4,446t of silver.
Photovoltaic (PV) or solar cells are used to convert sunlight to electricity. PV cells are semiconductor devices that produce electricity as long as light shines on them.
"Like any high and low forecast, the truth would probably lie somewhere in between, but we can say that this industry is going to represent a robust and growing item in the future silver supply/demand balance," the VM Group said.
The group based its forecast on a number of assumptions and factors, such as bringing down higher PV costs per watt relative to the traditional energy sector, governments offering incentives to embrace the environmentally clean source of energy and the continued market dominance of silver-loaded crystalline silicon cells. Crystalline silicon cells currently account for 90% of the PV market.
"While we expect reduced silver loadings, due to improved efficiencies and the ramp up in market share of thin film modules, we also believe that within the next ten years the solar energy sector will be a major consumer of silver, over and above previous forecasts," said the book.
The Silver Book added it expected the recycling of PV systems to be insignificant over the next 10-15 years, due to the relative youth of the industry, the long life of PV units and the huge cost and logistical effort needed for collection of these panels.
"Of greater threat to the industry would be a collapse in fossil fuel prices and/or the appearance of superior non-silver conducting media, which would write silver's future out of this sector." The book noted that so far there was no sign of this happening but the solar energy sector was a fast-moving industry in a rapidly changing world.
The recent growth in the PV sector should be sustained on the back of high oil and gas prices and the knock-on effect on retail energy prices.
The Silver Book said the era of cheap electricity generated from fossil fuels was over; even though the world probably had at least 500 years of coal reserves, the climate cost of burning carbon was becoming "unsupportable". It said alternative energy sources will increasingly become a way of life.
Were do you get this info , please post a link, would enjoy reading it. Thanks,
Well then post a link to the info, >???? Again I DID NOT RITE THE REPORT! TALK TO THE ATTORNEY GENERAL IF YOU HAVE ISSUES WITH IT.
TAKE IT UP WITH ATTORNEY GENERAL....
The report does NOT gloss over ERHE issues it IS a truthful accounting of the happenings.... Must read for ERHE investors IMO........
This IS Factual Information PER:
Office of the Attorney General
Sao Tome and Principe
Investigation and Review
Second Bid Round
Joint Development Zone
Nigeria and São Tomé and Principe
ENGLISH TRANSLATION
http://www.earth.columbia.edu/cgsd/STP/documents/PGR_Report_English.pdf
If LAURUS gets the filings done.. looks like Laurus is running the show AND NOT GETTING PAID - IMPO WEGI is on road to .0001/NOBID > IMPO
Item 1.01 Entry into a Material Definitive Agreement
On September 25, 2008, Windswept Environmental Group, Inc. (the "Company") and its wholly-owned subsidiaries, Environmental Restoration, Inc. and RestoreNet, Inc., entered into a Management Agreement with NachmanHaysBrownstein, Inc. (the "Manager") as a precondition for the Company obtaining additional secured financing with affiliates of Laurus Capital Management LLC ("Laurus"), a secured lender of the Company. The Management Agreement terminates on March 31, 2009, subject to either one (1) month extensions or the earlier termination upon three
(3) days written notice to the other party; provided, however, that the Company may not terminate early without the prior written consent of Laurus. The Manager reports to the board of directors of the Company with daily reporting to Michael O'Reilly, the Chief Executive Officer of the Company.
Pursuant to the Management Agreement, the Manager shall appoint a chief restructuring officer ("CRO") of the Company responsible for restructuring the Company's business. The responsibilities of the Manager and CRO include, after consultation with Mr. O'Reilly, the day-to-day operational and/or financial management of the Company, negotiation and consummation of financing relationships, negotiation of contracts, the compromise of accounts payable and receivable and notes payable and receivable, hiring and discharging of employees, overseeing the disbursements of funds and direct communications with the Company's lenders, vendors, customers and employees. As consideration for these services, the Manager received a retainer fee of $50,000 from the Company and is entitled to fees payable at an hourly rate which may be adjusted by the Manager from time to time
Item 8.01. Other Events.
The Company has failed to pay the monthly amount of $100,000 (the "Monthly Amount") due on October 1, 2008 under that certain Amended and Restated Secured Convertible Term Note (the "Note"), dated as of September 29, 2006. The current principal amount of the Note is $5,705,028 and is held by Valens Offshore SPV I, Ltd. ("Valens Offshore"), PSource Structured Debt Limited ("PSource"), Valens U.S. SPV I, LLC ("Valens," and together with Valens Offshore and PSource, the "Holders"), each of which is an affiliate of Laurus. The failure to timely pay the Monthly Amount constituted an event of default under the Note. Upon an event of default, the Holders have the right to accelerate payment and require the Company to pay 110% of the outstanding principal amount of the Note, plus accrued and unpaid interest and all other outstanding amounts owing under the Note through the date of acceleration. Additionally, upon an event of default, the Company is required to pay additional interest of 2% per month (the "Default Interest") for all outstanding obligations under the Note from the date of default.
--------------------------------------------------------------------------------
As of the date hereof, the Holders have not exercised their rights to accelerate payment under the Note. While the Company believes that the Holders will not, in the near future, accelerate payment due under the Note, or require payment of Default Interest by the Company, no assurances can be given in this regard. In view of the fact that the Holders have a security interest in all of the assets of the Company, if the obligations under the Note are accelerated, there would be a material adverse effect on the Company.
No This is Opinion of Attorney General
(I will disclaimer MY opinion)
This IS Factual Information PER:
Office of the Attorney General
Sao Tome and Principe
Investigation and Review
Second Bid Round
Joint Development Zone
Nigeria and São Tomé and Principe
ENGLISH TRANSLATION
December 2, 2005
http://www.earth.columbia.edu/cgsd/STP/documents/PGR_Report_English.pdf
First, at every stage there is the suggestion that ERHC and its parent Chrome may
have made improper payments to government officials or provided benefits to their
families in order to secure the assistance of such officials in continuing the contract. Key
officials in the past have been reported to have solicited bribes, and ERHC has provided
known benefits to the families of key decision makers.54 Such payments would be a
violation of Sao Tomean law and may make the contract voidable. Since ERHC is a US
publicly traded company, any improper payments by ERHC or Chrome as its agent to
Sao Tomean or Nigerian officials would also violate the Foreign Corrupt Practices Act
and would be subject to criminal prosecution in the United States. To this end this Office
intends to refer this matter to the US Department of Justice and the Securities and
Exchange Commission and to seek their assistance in investigating whether violations of
US law have occurred and to make the results of that investigation available to the
authorities in São Tomé and Príncipe.
are these "Rita" related? Mateus Meira Rita and Agostinho Rita ?
Environmental Remediation Holding Corporation Announces the Appointment of Vice President of International Affairs
LAFAYETTE, La., Dec. 3, 1998 - Environmental Remediation Holding Corporation (OTC BB: ERHC) announced today that Mr. Mateus Meira Rita, the Company's Manager of African Affairs and former Secretary of State in the Government of the Democratic Republic of Sao Tome and Principe, has been appointed Vice President of International Affairs by ERHC's Board of Directors.
James R. Callender, Sr., President and Chief Executive Officer stated: "Mr. Rita's brings his extensive business experience in both government and the private business sector, as well as, a vast knowledge of West Africa, to the Company. In addition, Mr. Rita's appointment emphasizes the Company's primary objectives and dedication to develop petroleum reserves and logistical support in the areas around The Gulf of Guinea. Mr. Rita also serves as a Director of STPETRO, the National Petroleum Company of the Democratic Republic of Sao Tome and Principe. Experienced in the negotiation and preparation of contracts and agreements with multi-national corporations and financial institutions, Mr. Rita is a welcome member of the management team, and he is eager to accept the challenges facing ERHC, which is well-positioned for long-term growth and success."
Environmental Remediation Holding Corporation is an independent oil and gas company engaged in the exploration, development, production and sale of crude oil and natural gas properties. Its current operations are focused internationally in the Democratic Republic of Sao Tome and Principe, Gulf of Guinea, West Africa.
IMO these Nigerian and SaoTome "officials" are mostly corrupt.
This entire region AND the JDA/JDZ is smeared with issues of alledged coruption it really makes it hard to believe this deal will ever make it IMO.
This report from the office of attorney general SaoTome is a good place to get some DD into the deal and as always we have "suggestions" improper payments to officials, Like IMO College tuitions etc....
http://www.earth.columbia.edu/cgsd/STP/documents/PGR_Report_English.pdf
First, at every stage there is the suggestion that ERHC and its parent Chrome may
have made improper payments to government officials or provided benefits to their
families in order to secure the assistance of such officials in continuing the contract. Key
officials in the past have been reported to have solicited bribes, and ERHC has provided
known benefits to the families of key decision makers.54 Such payments would be a
violation of Sao Tomean law and may make the contract voidable. Since ERHC is a US
publicly traded company, any improper payments by ERHC or Chrome as its agent to
Sao Tomean or Nigerian officials would also violate the Foreign Corrupt Practices Act
and would be subject to criminal prosecution in the United States. To this end this Office
intends to refer this matter to the US Department of Justice and the Securities and
Exchange Commission and to seek their assistance in investigating whether violations of
US law have occurred and to make the results of that investigation available to the
authorities in São Tomé and Príncipe.
Thank you, I was asking in my post when this was signed , so the clock started in 2006? They did license round in 2004 and but signed in 2006? Yes?
Agree 100% Awesome Post Dadd!
GUYS, Lets respect the rules that IHUB has given us. Please follow the below guidelines:
"This board is about ERHC. It is about ONLY ERHC. It is NOT about other posters, other message boards, who participates here, who doesn't participate here, or who is not going to participate here. It is NOT about anyone's alleged motives for posting. It is NOT about "bashers" or "pumpers". It is NOT about deleted posts, who is banned, who should be banned, or moderators. It is also NOT a place to carry on one side of a PM dialog." From a Good IHub Admin.
Please follow the above and the Admins can go about their business on the other boards. Thanks guys.
Dadd
I can respect that answer. Now What is your take on this Dadd.
Read the Licensing agreement from 2004 with the JDA/JDZ, it clearly says a well needs to be drilled within 4 years or you could face termination of your license rights. This was 2004, now it is 2008, that is 4 years, do you think the comments and clarifications ERHE is mentioning in recent PR has anything to do with possible missed time lines and possible terminations or sanctions? When exactly was this agreement signed?
NIGERIA - SAO TOME AND PRINCIPE
JOINT DEVELOPMENT AUTHORITY
GUIDELINES FOR INVESTORS
IN THE 2004 JDZ
LICENSING ROUND
4.5 Termination
Termination of the contract can be triggered by:
i) The contractor upon giving six months written notice to the Authority.
ii) The Authority if the contractor does not carry out operations as specified by
the Regulations and does not explain or remedy the grounds of revocation
upon written notice by the Authority.
iii) The Authority may revoke or terminate the Contract if within 4 years the
company fails to show verifiable evidence of efforts made to meet the
required minimum work programme, and/or is not conducting operations in a
vigorous and businesslike manner in accordance with good oilfield practice,
or has failed to comply either with the terms of the PSC.
6.3 Minimum Work Obligation
a) Phase 1 – first 4 years: Contractor shall acquire/procure full 3-D seismic
coverage over the block and drill one well.
b) Phase 2 – next 2 years: Contractor shall drill an additional well.
c) Phase 3 – next 2 years: Contractor shall perform geological and geophysical
and engineering studies. Drilling of any wells is contingent on the results of
the programme.
http://www.nigeriasaotomejda.com/
I respect your opinion Dadd , What is your take on the recent ERHE PR trying to "clarify" the rights for JDZ blocks 5 and 6? Dont you find it alarming that after all of these years and all of the arbitrations and renegotiations they are Still looking for clarification on the rights?
Per latest PR:
ERHC Energy Inc. Seeks Clarification From Joint Ministerial Council of the Nigeria-Sao Tome and Principe Joint Development Zone
"The reports raised questions about the status of ERHC rights in JDZ Blocks 5 and 6."
http://biz.yahoo.com/iw/080908/0431712.html
Here is a good place to begin alwright:
http://www.google.com/search?q=ERHC++renegotiation+&rls=com.microsoft:en-us&ie=UTF-8&oe=UTF-8&startIndex=&startPage=1
Results = 254 for ERHC renegotiation
Renegotiations, arbitrations , seem to be the norm for ERHE. That is the point. Those are the FACTS
From the Beginning:
Dealing with a government little acquainted with the world of oil, the company negotiated a highly advantageous deal in 1997.
But the negotiations, and relations with the government, proved stormy. ERHC was forced to renegotiate the terms of its agreement, not once but twice.
http://www.freerepublic.com/focus/f-news/1703885/posts
To the Recent:
London Court of International Arbitration Clarifies JDZ Block 4 Interests
Tuesday July 15, 4:20 pm ET
Tribunal Awards Addax Petroleum 7.2 Percent, ERHC 1.8 Percent
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=32322069
AND HERES'TO THE FUTURE(?):
ERHC Energy Inc. Seeks Clarification From Joint Ministerial Council of the Nigeria-Sao Tome and Principe Joint Development Zone
http://biz.yahoo.com/iw/080908/0431712.html
Not to back that up , u dont need any , but WEGI has YET TO COLLECT on $7million dollars of Katrina work , out of $20 million TOTAL, STILL ot this day they are in court , lawyers sucking them dry, ,time loss on the cash growing, and STILL NOT collected. WEGI LOST MONEY Fighting Katrina , they came out of it $6million in debt , 150million shares pledged , Losses mounting and $7 million in lawsuits that will NEVER be collected IMO, They lost it on Katrina.... The insurance companies play these guys , first they pit companies against each other to get low ball bids that cant barely make a profit , thet take job in hopes they can "add on" the job, i.e. $7 million in lawsuits for work added onto to contracts, No way these insurance adjusters are going to let a company come on a make millions in profits, not gonna hhappen, lots of hungry companies, lots of hungry crews , right now you have every vacuvan on the east coast over in TX low balling bids for cleanup , and the insurance adjusters are pitting them against each other , forcing matched bids etc.... IMO they are turning over dollars , no one is getting rich off the work , all your costs are magnified in these zones, it is not the money maker some on this board want others to think it is , WEGI filings prove it, IMPO
IN Reply to your post, and please lets drop this thread , I as well as the board dont need to re-hash these facts on the on-going active investigations over and over , it is not a mystery. However per your post and now repost lets be clear.
YOU POSTED: "ERHC legal counsel has confirmed any U.S. investigations are not active and the statute of limitations has passed"
I REPLIED:
If you read thru the latest ERHE SEC filing under legal proceedings it says: "The investigations by the DOJ, SEC and Senate Subcommittee are continuing."
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=6094228-81060-84703&type=sect&dcn=0001140361-08-018937
Please lets stick with the FACTS.
I dont have a lot of time today , but will galdly answer the rest of your questions this evening. Those are at least a little more topical and has some room for debate, Thanks, Happy Posting.
IN REPLY: ERHC Energy has reconfigured and renegotiated these rigts numerous times over the years, they issued a PR matter of weeks ago with yet another question on the status of the rights. In reply to your post here are FACTS with links as requested.
Per latest company issued PR Sept 08
"The reports raised questions about the status of ERHC rights in JDZ Blocks 5 and 6."
http://biz.yahoo.com/iw/080908/0431712.html
AND just very recently Addax and ERHC were still clarifying and negotiating thru arbitration in court over the rights.
http://biz.yahoo.com/iw/080715/0416074.html
http://biz.yahoo.com/cnw/080716/addax_petroleum_jdz.html?.v=1
AND AS WELL: You State: "ERHC legal counsel has confirmed any U.S. investigations are not active and the statute of limitations has passed"
If you read thru the latest ERHE SEC filing under legal proceedings it says: "The investigations by the DOJ, SEC and Senate Subcommittee are continuing."
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=6094228-81060-84703&type=sect&dcn=0001140361-08-018937
PER YOUR POST:
"Please support your conjectures by fact and current information, not articles that were published YEARS ago and in themselves only conjecture and unsupported assertions."
Thank you for your reply and questions. These links above are recent , they are not conjecture or unsupported. I hope this clears up your questions.
And I still feel pretty much same way , ERHE energy is on my radar for sure , However I am waiting for more positive sign from USA Government they are not going to shut them down - AND Then ALSO - we need confirmation from the Nigerian, Sao tome governments , that these contracts and in fact going to make it to drilling or will they yet again be renegotiated and or could they possibley be set aside... It is is very interesting situation. With great risk comes great rewards.
I have to believe IMO Exxon and or BP Mobil etc..etc.. would pay a large sum of cash and future rights and could get oil pumping a whole lot faster , pay signature bonus payments etc.. etc.. to these powers that be if these cntracts were to be re-bid and or renegotiated in some way. IMO that also must be a worrysome threat for ERHE, a US OTCBB security to be matched up against these odds , will these foreign governments give up major new cash and faster payouts for themselves or let an amercian OTCBB stock make the money when it is finally time to drill the holes...
I am NOT saying it wont happen and the stock is going to 0, that is NOT what I am trying to say, It very well COULD go to a $1 this week, Just IMO they have a lot of issues facing them, If they find ROO before contract timeline expire, and the governments stabilize and stay in power in the region, and the multiple powers in the regions all confirm the contract questions, and the USA government gives the greenlight clean bill of health and the insiders / major stock and warrant option holders dont sell out or change course then I would for sure say ERHE has a good chance of making it.
I do enjoy the DD in ERHE , they have a very interesting story IMO , I enjoy the depth of the story. Happy Posting.
IMO
I had never read any of this before? I been reading this board for few months never heard a single word of any of this on the board , Old news or not it was not to me , it is an EXCELLENT piece on ERHC Energy and its backers, dont you think? If you have a more in depth piece , unbiased piece not from the PR agency please , please post I would enjoy reading it.
IMO message board info has its place in doing DD into a company such as ERHE for sure, Good post, good info , IMO ALL investors in a company such as ERHE, that has beginings and inner workings not so well known should always look to the boards to find more in depth DD, beyond just the message board info etc... The boards always can/will lead you to other DD outside the boards that can be extremely enlightening, I found this report below from a link on a board and found it to be the most complete in depth outline of ERHE energy and its insiders I have found to date.
I suggest all ERHE investors or potential investors read this outline, Extremely Interesting. Lots of pros and cons on ERHC energy but more then that it is a complete outline from the beginning of the major ERHC insiders and main players.
The Sao Tome Deal3:
The real question is how did EHRC get this lucrative contract. Environmental Remediation Holding Corp. has one full-time employee at its headquarters in the U.S. It hasn't reported a penny of revenue for four years and has piled up more than $30 million in losses.
Yet thanks to its sole asset -- a contract that gives it a major stake in a tiny West African nation's oil fields -- the obscure Texas oil company is on the verge of a stunning turnaround. ERHC secured its oil rights from Sao Tome and Principe. The company's oil contract which gives it rights to two offshore fields in Sao Tome's territorial waters and a significant share in deposits in an area jointly controlled by Sao Tome and Nigeria.
About 4 billion barrels of crude are believed to lie beneath those waters. Without a drilling rig to its name, ERHC will reap hundreds of millions of dollars from its holdings. The company was formed and run by a number of minor U.S, players and was able to pay the Sao Tomeans a small sum for the contract. The contract ran into trouble when it was realized that these prospective oil leases would have no value until an international treaty was made between Nigeria and Sao Tome, delineating the territorial boundaries between the two countries. A visit to Sao Tome by the American head of the company proved useless. The U.S. owners were persuaded by Offor that he could arrange that Nigeria set out such a treaty, using his friends Obasanjo and Atiku. The company agreed to sell its shares to Offor, while retaining a number of shares in their own name. They didn’t so much sell the shares as donated them in exchange for Offor agreeing to be liable for the debt. In mid-2001 Offor acquitted a 75% stake in EHRC. A few weeks later the Government of Nigeria and the Government of Sao Tome signed a treaty delineating their borders. Now the oil leases (which promised a 5% of the revenue stream to Chrome) now had a putative value.
This ability to start to sell the oil leases attracted other players. Obasanjo was pushing two companies for the Joint Development Zone (JDZ). These were the Nigerian branch of Norwegian PGS, headed by Otunba Onabanjo (father-in-law of Obasanjo’s second son) and Yinka Folawiyo Petroleum, run by Wahab Folawiyo (close friend of Obasanjo). Atiku was happy with Chrome as it was widely believed that he actually owned the Chrome shares and Offor was his nominee.
This activity irritated Exxon/Mobil who were then also exploring offshore and several Bretton Woods institutions. The new Sao Tomean Government, despite receiving hundreds of thousands of dollars from Offor’s offshore companies, attempted to revaluate the Chrome contact. In response to complaints from Sao Tome officials, Offor renegotiated ERHC's deal in May 2001 with the Trovoada administration.
Under the new agreement, ERHC relinquished certain rights, notably its stake in the state oil company. In return, it was granted, among other benefits, a share of Sao Tome's future oil profits and retained its rights to choice oil fields. Two months later, De Menezes was elected president and, after taking office in September 2001, vowed to revoke the agreement. ERHC threatened legal action but eventually agreed to yet another renegotiation, which began in earnest this year.
By that point, Sao Tome was eager to sign a deal so exploration could commence. They saw Nigeria, Equatorial Guinea, Angola and other countries getting rewards from oil, and they were sucking sand. The country's lead negotiator was the minister of natural resources, Rafael Branco, whose two children were among those who had received college scholarships from ERHC, according to Wilson and Callender, the former company officials.
Sao Tome's National Petroleum Commission played an advisory role. One of its members was an ERHC shareholder and former company consultant. Two other commission members had been on ERHC's payroll at the state-run oil company. So had two members of another government board overseeing oil exploration in the Joint Development Zone with Nigeria.
The contract, as renegotiated by the Branco-led team, gave ERHC a 14% stake in nine especially promising fields in the Joint Development Zone. It left intact the company's rights in Sao Tome's wholly owned territorial waters, where ERHC has full ownership of two oil fields and a 30% share in two others.
In most of the fields in which it was awarded rights, ERHC was exempted from paying a "signature bonus" -- a one-time fee that oil companies typically pay governments for exploration rights. In West Africa, such bonuses have ranged from a few million dollars per field up to $300 million, the sum ExxonMobil recently paid for rights in Angola.
The JDZ have licensed nine fields, in which the most lucrative of which EHRC is participating. This is not bad for a zero investment.
http://saharareporters.com/www/interview/detail/?prevpage=40153&startpage=50164&x=6&id=52
COMPLETE REPORT:
http://saharareporters.com/www/interview/detail/?id=52
Agree or not NYPD has right to post his opinion w/o the personal attacks, IMO his position is correct, and for sure he does NOT agree with me EVER on ANY board , but he called it right , IMO he has it right , why are you all hammering him for his opinion? Why not Post your opinion on WHY IT WILL RUN?! Dont attack him - Dont attack me - Post your opnion on why WEGI will run , why is that so hard to do on this board?! If you dont agree with my Opinions or anyones opinions, dont make personal attacks , make your case for why you dont agree without making it so personal! THAT IS WHAT IHUB IS ALL ABOUT AT THE CORE..... That is what I SUPPORT about IHUB....
You have to admit todays trading action was BAD , UGLY, Sorry,... Look at the setup > WEGI issues AFTER Hours PR last night, on a 400 point up day , PR was exactly what the board said was needed , Market up large again today at open , about everyhting is up , Yet WEGI barley trades $3k in TOTAL stock and was DOWN a large part of the day, AND to top it off 2 day taders/longs IMO stumbled over themselves trying to paint the tape with miniscule last trade today and instead of ending day up , it was unchanged.
IMO WEGI @ $.06 IS A STRETCH.....
Time & Sales
Price Size Exch Time
0.03 1000 OTO 15:58:57
0.034 1000 OTO 15:58:57
0.023 6000 OTO 14:08:41
0.03 1000 OTO 14:08:38
0.023 1000 OTO 14:05:27
0.03 1000 OTO 13:58:02
0.023 1300 OTO 13:47:04
0.023 2100 OTO 13:27:07
0.033 3000 OTO 13:27:03
0.026 450 OTO 12:17:53
0.026 5000 OTO 12:10:55
0.027 5000 OTO 12:10:55
0.027 5000 OTO 12:10:35
0.03 1000 OTO 12:06:17
0.03 6389 OTO 12:06:17
0.03 5000 OTO 12:06:12
0.03 10000 OTO 12:06:12
0.0305 5000 OTO 12:06:08
0.034 3000 OTO 11:08:54
0.035 100 OTO 10:23:49
0.0305 2000 OTO 09:38:19
0.0305 10400 OTO 09:38:19
0.032 5000 OTO 09:38:13
0.03 5000 OTO 09:37:52
0.03 800 OTO 09:31:18
0.03 10000 OTO 09:30:32
0.03 1400 OTO 09:30:29
0.03 2000 OTO 09:30:24
hmmm>? very slow going so far - IMO more folks review the FACTS and SEC filings for WEGI and see WEGI is about to file a bankrupcy or rework the share structure (IMO) , they already have sold nearly 150,000,000 shares of WEGI , the A/S is almost or already completely sold.
Dont see much of a "gapper" this morning??? Opened at .03 and has just barely traded over $1k in stock in first 1.5 hours.... Market is ON Fire today as well.... Cash is stumbling over itself to get in markets....
Time & Sales
Price Size Exch Time
0.034 3000 OTO 11:08:54
0.035 100 OTO 10:23:49
0.0305 2000 OTO 09:38:19
0.0305 10400 OTO 09:38:19
0.032 5000 OTO 09:38:13
0.03 5000 OTO 09:37:52
0.03 800 OTO 09:31:18
0.03 10000 OTO 09:30:32
0.03 1400 OTO 09:30:29
0.03 2000 OTO 09:30:24
Here is some DD into WEGI and what it took to get mobilzied in LA for Katrina, Now tell me how are they going to afford all of this and start over in Texas? Going to take a LOT OF CASH and a LOT of manpower , IMO WEGI has very little of each. Remember they have to reserve monies for normal ongoing daily business in NY , they cant take all of the cash and all of the employees and shut down NY operations just to go to Texas and try to get setup, IMPO WEGI is NOT mobilizing for TX IMPO
Also > What did ther recent PR say about WEGI LA facilties ? The 10K FOR FISCAL 06 makes it sound differently then the PR outlined? hmmm?
In order to provide environmental remediation and other services
necessitated by the aftermath of Hurricane Katrina, in September 2005, we
mobilized over sixty employees to the gulf coast region. Trade-Winds
Environmental Restoration Inc., one of our wholly owned subsidiaries, leased, on
a short-term basis, five premises to serve as a satellite office, regional
command center, training center and housing for our employees in Louisiana. In
view of the substantial completion of our projects in this region, we have
reduced the number of full-time employees in Louisiana to two and are planning
to allow four of these leases to expire.
In connection with our response to Hurricane
Katrina, we launched a multimedia marketing campaign, including radio and
newspaper advertising and a public relations program, to inform residents of New
Orleans and the surrounding gulf areas about our services.
borrow $5mil for $3.1 mil profit but HOLD ON > $7MIl STILL UNCOLLECTED tied up in lawsuits, MILLIONS more as doubtful receivables and even millions charged off as bad debts so the 5mil loan is now for a $4mil++++ loss!? , if you subtract all of the monies they NEVER COLLECTED and by looks of things will NEVER collect , the attorney fees, the time losses on funds , WEGI LOST MONEY during Katrina , LOST BIG MONEY during Katrina.... IMO - I also think we are going to see some of this in future filings, Qs and the K ,that is IF , IF pinksheet WEGI ever files these reports.... Still looking for that 2nd quarter 08 Q >?
I agree - Oreily is very talented , HOWEVER - He has no place messing with on offshore toxic financeer like Laurus , trying to borrow his way into the NASDAQ spotlight or something.... not sure , but the share structure is ruined , the losses are moutning, the original $5mil loan to fight Katrina was worst thing they could have done , they STILL have not been paid for almost $7million of Katrina work tied up in lawsuits, lossing value and costing money everday to colect those funds , and the debt has grown to almost $7million, never mind the attorney fees and related financing fees on top of the debts , Worst thing OReilly ever did was take the loan from Laurus and go mess with Katrina.... IMO
Water damage with MOLD is the monster money maker , you can go ahead and cleanup brush , rebuild roofs etc but until you remediate the MOLD and get sign offs that it was done properly by licensed company using licensed employees you have nothing really, the MOLD is the money maker , hundreds of roofers and rebuilders will be lined up as early as tomorrow to cut each others margins for the low ball insurance bids on rebuilds , but those that are licensed MOLD remediators with Water damage cleanup specialists , licensed specialists on staff with a licensed company, they will make the real money.... IMO
As of 09/05/2008 the online listing for the Texas department of State health does not have Windswept or Tradewinds listed as a licensed Mold assessment or Mold remediation company?
Do they have another name they do business under for cleanup in TX? Please post.
Mold companies in Texas you have to not only be a licensed MOLD company but ALL employess must also be licensed.
TEXAS LICENSED MOLD PROFESSIONALS:
http://www.dshs.state.tx.us/mold/profession.shtm
All files are in PDF format.
Mold Analysis Laboratories 49KB
Mold Assessment Companies 54KB
Mold Assessment Consultants 77KB
Mold Assessment Technicians 53KB
Mold Remediation Companies 59KB
Mold Remediation Contractors 69KB
Mold Remediation Worker 247KB
Mold Training Providers 11KB
Insurance companies and or property owners are going to require Certificate of Mold Damage Remediation after any and all water damage is cleaned up. Very topical for insurance purposes. These forms need to be filled out by a licensed remediator AFTER cleanup of water damge / Mold damage
http://www.tdi.state.tx.us/forms/pcpersonal/pc326mdr1.pdf
WEGI has already disclosed they DO NOT have the needed bonding to bid on SOME LARGE projects, you think the Insurance company that owns policy on Chase building is going to allow a pinksheet company w/o proper bonding to remidieate a building like the JP CHASE building?
IMO WEGI will do very little IF ANY business in TX, They have no presence in TX, are they even licensed to do business in TX? and they dont have the needed bonding to do large scale PROJECTS IMPO.
PER WEGI:
The number and size of contracts that we can perform from time to time is to a certain extent dependent upon our ability to obtain bonding. This ability to obtain bonding is dependent, in material part, upon our net worth and working capital. Our ability to obtain bonding has been limited in recent years. There can be no assurance that we will have adequate bonding capacity to bid on all of the projects which we would otherwise bid upon were we to have such bonding capacity or that we will in fact be successful in obtaining additional contracts on which we may bid, which could have a material adverse effect on our results of operations.
http://www.sec.gov/Archives/edgar/data/814915/000114420408044881/v122495_s1a.htm
AND FROM THIS SAME FILING IT IS CLEAR THEY DONT HAVE PROPER SHARE STRUCTURE TO MAKE A CASH FOR SHARES DEAL:
Per the most recent S1/a
As of June 30, 2008, our authorized shares of common stock were 150,000,000 shares, of which 44,113,709 shares were issued and outstanding, 103,702,220 shares were reserved under options, warrants and a convertible note and 2,184,071 shares were available for further issuance.
Did you read the 8K? he had to put up the boat to "induce" the debt holders into accepting the terms of a 20% on DEMAND loan , plus fees, plus penalties , Clearly The debt holders are about to foreclose on WEGI , WEGI has MISSED debt payments and needed more time and few bucks to pay the basic very basic operating expenses. They literally had less then $90k cash few weeks ago, and the IRS "intended" to levy that cash , If you read the new 8K you will see it clearly says the boat was out up to "induce" the debt holders to agree to the WEGI readjusted loans.. Rread the complete filing you will see how dire the WEGI financial postion is IMO....
AS WELL Laurus et al has this stipulation in the new DEMAND loans>
5. The Company hereby further consents and agrees to provide the Agent, no later than September 15, 2008, with written documentation indicating the hiring of an advisor to help the Company pursue strategic alternatives, including but not limited to, a potential sale of the Company.
http://www.sec.gov/Archives/edgar/data/814915/000114420408052353/v126195_ex10-1.htm
To induce the Holders to purchase the Demand Notes, Michael O’Reilly, Chairman of the Board, President and Chief Executive Officer of the Company, in his individual capacity (“Guarantor”), entered into a Guaranty (“Guaranty”), dated September 3, 2008, with the Holders and the Agent, which is secured by a ship owned by Guarantor. Pursuant to the Guaranty, the Guarantor unconditionally guarantied to the Holders the prompt payment when due of all present and future obligations and liabilities arising out of the Demand Notes.
http://www.sec.gov/Archives/edgar/data/814915/000114420408052353/v126195_8k.htm
I found this stipulation also VERY telling. IMO Laurus et al is positioning itself for an impending Bankrupcy and attaching its debt to any and all assets of value in front of all others , i.e. shareholders imo - I must admit Laurus contracts are thorough as I have ever seen, they left no loopholes for WEGI to wiggle out IMO....
In furtherance of the foregoing, the undersigned hereby agrees as follows:
1. No Impairment. The Creditor Parties may at any time and from time to time, either before or after the maturity thereof, without notice to or further consent of the undersigned, extend the time of payment of, exchange or surrender any collateral for, renew or extend any of the Obligations or increase or decrease the interest rate thereon, or any other agreement with the Company or with any other party to or person liable on any of the Obligations, or interested therein, for the extension, renewal, payment, compromise, discharge or release thereof, in whole or in part, or for any modification of the terms thereof or of any agreement between any Creditor Party and the Company or any such other party or person, or make any election of rights the Creditor Parties may deem desirable under the United States Bankruptcy Code, as amended, or any other federal or state bankruptcy, reorganization, moratorium or insolvency law relating to or affecting the enforcement of creditors’ rights generally (any of the foregoing, an “Insolvency Law”) without in any way impairing or affecting this Guaranty. This Guaranty shall be effective regardless of the subsequent incorporation, merger or consolidation of the Company, or any change in the composition, nature, personnel or location of the Company and shall extend to any successor entity to the Company, including a debtor in possession or the like under any Insolvency Law.
http://www.sec.gov/Archives/edgar/data/814915/000114420408052353/v126195_ex10-4.htm
On August 18, 2008, the IRS notified the Company and its bank that it intended to levy on an account of the Company in the amount of $89,536.
http://www.sec.gov/Archives/edgar/data/814915/000114420408050488/v125297_8k.htm
IMO all you have to do is read the recent disclosures:
IRS intends to seize accounts, They have NOTHING left to sell for capital, the have already pledged all but a few of the 150,000,000 autohrized shares , Pledged ALL of the assets in the company, Now per last night the CEO had to pledge his personal boat to induce the debt holders to hold off on collections of payments they are behind on and get enough cash for maybe 2-3 months normal operating. He had to issue a demand loan @ 20% backed by his personal boat , nothing left to sell at WEGI, Plus Laurus has an effective filing in place for nearly 7 million shares to SELL, PLUS MILLIONS of shares at sub penny prices underlying thre O/S. I dont see how you can be surprised? imo WEGI is in dire shape. Read the disclosures they have made lately.....
PLUS I found this VERY Interesting:
5. The Company hereby further consents and agrees to provide the Agent, no later than September 15, 2008, with written documentation indicating the hiring of an advisor to help the Company pursue strategic alternatives, including but not limited to, a potential sale of the Company.
http://www.sec.gov/Archives/edgar/data/814915/000114420408052353/v126195_ex10-1.htm
To induce the Holders to purchase the Demand Notes, Michael O’Reilly, Chairman of the Board, President and Chief Executive Officer of the Company, in his individual capacity (“Guarantor”), entered into a Guaranty (“Guaranty”), dated September 3, 2008, with the Holders and the Agent, which is secured by a ship owned by Guarantor. Pursuant to the Guaranty, the Guarantor unconditionally guarantied to the Holders the prompt payment when due of all present and future obligations and liabilities arising out of the Demand Notes.
http://www.sec.gov/Archives/edgar/data/814915/000114420408052353/v126195_8k.htm
CASH ON HAND PER LAST 10Q FILING = $ 102,673
CASH IRS INTENDS TO LEVY PER RECENT 8K = $89,536
http://www.sec.gov/cgi-bin/browse-edgar?company=&CIK=wegi&filenum=&State=&SIC=&owner=include&action=getcompany
Per the most recent S1/a
As of June 30, 2008, our authorized shares of common stock were 150,000,000 shares, of which 44,113,709 shares were issued and outstanding, 103,702,220 shares were reserved under options, warrants and a convertible note and 2,184,071 shares were available for further issuance.
http://www.sec.gov/Archives/edgar/data/814915/000114420408044881/v122495_s1a.htm
The shares of common stock of Windswept covered by this prospectus may be sold from time to time by PSource Structured Debt Limited, Valens U.S. SPV I, LLC and Valens Offshore SPV I, Ltd., the selling stockholders. This prospectus relates to up to 6,800,000 shares of common stock of Windswept which are issuable upon conversion of the principal and interest of a secured convertible term note due June 30, 2009 held by the selling stockholders. We will not receive any of the proceeds from the sale of our common stock by the selling stockholders.
http://www.sec.gov/Archives/edgar/data/814915/000114420408044881/v122495_s1a.htm
In furtherance of the foregoing, the undersigned hereby agrees as follows:
1. No Impairment. The Creditor Parties may at any time and from time to time, either before or after the maturity thereof, without notice to or further consent of the undersigned, extend the time of payment of, exchange or surrender any collateral for, renew or extend any of the Obligations or increase or decrease the interest rate thereon, or any other agreement with the Company or with any other party to or person liable on any of the Obligations, or interested therein, for the extension, renewal, payment, compromise, discharge or release thereof, in whole or in part, or for any modification of the terms thereof or of any agreement between any Creditor Party and the Company or any such other party or person, or make any election of rights the Creditor Parties may deem desirable under the United States Bankruptcy Code, as amended, or any other federal or state bankruptcy, reorganization, moratorium or insolvency law relating to or affecting the enforcement of creditors’ rights generally (any of the foregoing, an “Insolvency Law”) without in any way impairing or affecting this Guaranty. This Guaranty shall be effective regardless of the subsequent incorporation, merger or consolidation of the Company, or any change in the composition, nature, personnel or location of the Company and shall extend to any successor entity to the Company, including a debtor in possession or the like under any Insolvency Law.
http://www.sec.gov/Archives/edgar/data/814915/000114420408052353/v126195_ex10-4.htm
When a company gets so desperate and the only way they can get reprive from missed loan payments to the offshore financeers is the CEO handing over his personal yacht and signing a 20% interest demand loan, that is NOT a good thing for a public or private company, you may want to think it is good, but it means they have NOTHING ZERO ZIPPO of value left to sell or get loans on, ALL the A/S is pledged nearly 150,000,000 shares Authorized, ALL the assetts are pledged , NOTHING LEFT TO SELL! They cant even sell the proverbial everything including the kitchen sink , they ALREADY SOLD THE SINK!
This is interesting from todays 8K:
WHEREAS, the Company and Holders, as applicable, have agreed to make certain changes to the September 2006 Convertible Note as set forth herein; and WHEREAS, the Company and Holders, as applicable, agree that since the issuance of the September 2006 Convertible Note, the Company is past due on the following: (i) the principal portion of certain Monthly Amounts occurring prior to the Amendment Effective Date (the aggregate of all such unpaid principal, the “Pastdue Principal”), and (ii) certain regularly scheduled payments of interest on the Principal Amount (the aggregate of all such unpaid interest, the “Pastdue Interest”, and together with the Pastdue Principal, “Pastdue Amounts”); WHEREAS, the Company has agreed to make certain payments as set forth herein.
NOW, THEREFORE, in consideration of the above, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
5. The Company hereby further consents and agrees to provide the Agent, no later than September 15, 2008, with written documentation indicating the hiring of an advisor to help the Company pursue strategic alternatives, including but not limited to, a potential sale of the Company.
http://www.sec.gov/Archives/edgar/data/814915/000114420408052353/v126195_ex10-1.htm
It appears CEO OReily had to HAND OVER the title of a 38 FOOT Dorado, it is a nice custom sportfish, Dorado boats are very nice and only custom, anyway looks like he had to hand over boat to an agent and is holding as colateral of some form until Payments are made? Lawyer speak can be very confusing.... Anyway IMO it is pretty clear WEGI is on last leg , or last Boat financing IMO: But they got a temporary stay and some new cash , but it is a demand loan and very very short term at 20% interest PLUS Fees... wow..... Investors should read these filings, Laurus has every hole plugged IMO , you cant escape once Laurus lends you money IMO....
Principal shall deliver to Agent (in the case of the following clause “(a)”, on or prior to the execution of this Letter Agreement, and in the case of the following clause “(b)”, on or prior to the delivery to Agent of a security agreement in form and substance acceptable to Agent covering the vessel referenced in such clause “(b)”), in form and substance satisfactory to Agent, endorsements to each and every insurance policy (the “Insurance Policies”) covering (a) the recreational motor vessel DORADO, of about 19 gross and 15 net tons, length about 38.2 feet, built in 1985 at Owings MD and duly documented under the laws of the United States with official number 699081 (the “Dorado”) and (b) each other vessel owned by Principal, including without limitation the New York State titled vessel (collectively, with the Dorado, the “Vessels”) naming Agent, on behalf of the Purchasers, as an additional insured and a lender loss payee. Principal irrevocably makes, constitutes and appoints Agent (and all officers, employees or agents designated by Agent), so long as the Obligations (as defined in the Individual Guaranty) remain outstanding as Principal’s true and lawful agent and attorney in fact for the purpose of making, settling and adjusting claims under such Insurance Policies, endorsing the name of Principal on any check or other item of payment for the proceeds of such Insurance Policies and for making all determinations and decisions with respect to such Insurance Policies. Agent shall have no duty to exercise any rights or powers granted to it pursuant to the foregoing power-of-attorney. Principal shall promptly notify Agent of any loss, damage, or destruction to the Vessels, whether or not covered by an Insurance Policy. If Principal receives any proceeds from such Insurance Policies (the “Proceeds”), Principal shall promptly remits such Proceeds to Agent. After deducting from such Proceeds the expenses (including reasonable attorneys’ fees) incurred by Agent in the collection or handling thereof, Agent may, at its option, make such remaining Proceeds available to Principal to replace, repair, restore or rebuild the Vessel that was damaged or destroyed. If such Vessel is replaced, the Principal shall enter into all such documents, instruments and agreements as Agent shall require to evidence the grant by Principal to Agent, as agent for the Purchasers, of a first priority perfected security interest in such replacement vessel. All Proceeds at any time held by Agent which are not otherwise made available to Principal hereunder (the “Cash Collateral Amount”) shall be held by Agent as cash collateral to secure the Obligations (as defined in the Individual Guaranty). Agent, as agent for Purchasers, is hereby granted a security interest in the Cash Collateral Amount and Agent is authorized, without any prior notice or demand, to debit the Cash Collateral Amount to pay any amount due with respect to the Obligations (as defined in the Individual Guaranty). Upon the payment in full of the Obligations (as defined in the Individual Guaranty), the Agent will remit to Principal (or otherwise as a court of competent jurisdiction shall direct), the amount, if any, of the Cash Collateral Amount then held by the Agent.
http://www.sec.gov/Archives/edgar/data/814915/000114420408052353/v126195_ex10-2.htm
INTERESTING :
In furtherance of the foregoing, the undersigned hereby agrees as follows:
1. No Impairment. The Creditor Parties may at any time and from time to time, either before or after the maturity thereof, without notice to or further consent of the undersigned, extend the time of payment of, exchange or surrender any collateral for, renew or extend any of the Obligations or increase or decrease the interest rate thereon, or any other agreement with the Company or with any other party to or person liable on any of the Obligations, or interested therein, for the extension, renewal, payment, compromise, discharge or release thereof, in whole or in part, or for any modification of the terms thereof or of any agreement between any Creditor Party and the Company or any such other party or person, or make any election of rights the Creditor Parties may deem desirable under the United States Bankruptcy Code, as amended, or any other federal or state bankruptcy, reorganization, moratorium or insolvency law relating to or affecting the enforcement of creditors’ rights generally (any of the foregoing, an “Insolvency Law”) without in any way impairing or affecting this Guaranty. This Guaranty shall be effective regardless of the subsequent incorporation, merger or consolidation of the Company, or any change in the composition, nature, personnel or location of the Company and shall extend to any successor entity to the Company, including a debtor in possession or the like under any Insolvency Law.
http://www.sec.gov/Archives/edgar/data/814915/000114420408052353/v126195_ex10-4.htm
xcuse me? WEGI filed an NT last quarter!
http://www.sec.gov/Archives/edgar/data/814915/000114420408029207/0001144204-08-029207-index.htm
WEGI was pinksheet when it filed the NT above in May 2008?
WHY NO NT FILING THIS QRTR?
IMO of the FACTS > WEGI has made decision to no longer file 10Q reports. Time for typical pink sheet games IMO
NOTICE They DID have to beg for more time on the massive OVERDUE debt payments they have and have NOT been able to make payments on. IMO It is getting BAD at WEGI when CEO has to put up his boat to get a couple months reprive from payments. Wow.... They have pledged ALL assets to Laurus et al, they have pledged nearly the complete A/S of 150,000,000 shares to Laurus et al, Now the CEO had to pledge his personal boat , to induce them to agree to let them slide on payments for few more months, wow talk about financially ill..... wow...
To induce the Holders to purchase the Demand Notes, Michael O’Reilly, Chairman of the Board, President and Chief Executive Officer of the Company, in his individual capacity (“Guarantor”), entered into a Guaranty (“Guaranty”), dated September 3, 2008, with the Holders and the Agent, which is secured by a ship owned by Guarantor. Pursuant to the Guaranty, the Guarantor unconditionally guarantied to the Holders the prompt payment when due of all present and future obligations and liabilities arising out of the Demand Notes.
Lastly, on September 3, 2008, Agent furnished a Further Assurances Letter (“Further Assurances Letter”) to the Company, agreeing that certain closing requirements may be waived, in whole or in part, as conditions to disbursement of the funds under the Letter Agreement; provided, however, that such closing requirements are to be performed after the disbursement of funds. A failure to meet such closing requirements shall constitute a default under the loan documentation.
http://www.sec.gov/Archives/edgar/data/814915/000114420408052353/v126195_8k.htm
Hello Anyone? WERE IS WEGI 2ND QUARTER FILING? Not even an NT filing? I guess WEGI has gone completely PINKSHEET - No more filings? Were is 2nd quarter 08? It was Over June before all this Hurricane stuff, no reason it was missed , and why no NT filing, does this mark the point were WEGI goes completely PINK = NO MORE FILINGS? Anyone?
I agree WITH NYPDBLUE, look at the trading patterns, and more important look at the track for IKE , this is a West Texas event , WEGI has no presence in W Texas. DEEP W Texas at that , Plus the Facts are telling, no cash, ALMOST no more shares to sell , IRS intends to levy cash accounts, receivable lawsuits not coming thru, Missing 10q filings/ Pinksheet mentality, Offshore financeer holds MILLIONS of sub penny options, and now it is is pinksheet, they can register and sell shares w/o same filings/disclosures if it was OTCBB or Listed > IMO of the FACTS WEGI is not a long term company to invest and hold, it is a day trader pump dump momo play at best....and the recent momo is selling down > IMPO
PLUS - Were is WEGI 2ND QUARTER 10-Q FILING? WEGI is now a lowly PINKSHEET - They do NOT have to make filings and you bet they WILL NOT make them when it is in best interest to HIDE thw truth and stop disclosure, WERE IS THE 2ND QTR FILING? They filed 1st qtr LATE on 5/20 , 2nd qtr is now LATE , That is another strong reason why stock is down, HUGE RED FLAG IMO
FuturesJackal My OPINIONS are clearly labeled as such, I am not saying the stock is going to zero , I am sure we will see very volatile action next week , However you are correct WEGI filings paint a very "speculative" picture for sure, and IMO they teeter on brink of bankrupcy and or major stock sale to keep company open and to pay for all of this disaster work, this PART is CLEARLY IMPO based on the WEGI filings and disclosures.
CASH ON HAND PER LAST 10Q FILING = $ 102,673
CASH IRS INTENDS TO LEVY PER RECENT 8K = $89,536
http://www.sec.gov/cgi-bin/browse-edgar?company=&CIK=wegi&filenum=&State=&SIC=&owner=include&action=getcompany
HOW IS WEGI GOING TO PAY FOR THE HUGE CASH OUTLAY NEEDED TO FIGHT THESE DISASTERS KNOWING IT CAN TAKE YEARS TO COLLECT THE FUNDS? THEY LITERALLY HAVE AT MOST $100K CASH, THAT IS IF, IF, THE IRS HAS NOT LEVIED THE ACCOUNT PER THE 8K
Per the most recent S1/a
As of June 30, 2008, our authorized shares of common stock were 150,000,000 shares, of which 44,113,709 shares were issued and outstanding, 103,702,220 shares were reserved under options, warrants and a convertible note and 2,184,071 shares were available for further issuance.
WEGI HAS ALREADY SOLD/COMIITED NEARLY THE ENTIRE AUTHORIZED 150,000,000 SHARES? IN ORDER TO MAKE A NEW STOCK SALE THEY WILL NEED TO INCREASE A/S AND SELL A LOT OF NEW SHARES?
The number and size of contracts that we can perform from time to time is to a certain extent dependent upon our ability to obtain bonding. This ability to obtain bonding is dependent, in material part, upon our net worth and working capital. Our ability to obtain bonding has been limited in recent years. There can be no assurance that we will have adequate bonding capacity to bid on all of the projects which we would otherwise bid upon were we to have such bonding capacity or that we will in fact be successful in obtaining additional contracts on which we may bid, which could have a material adverse effect on our results of operations. None of our current projects require surety bonding.
--
Our cash flow from operations has been insufficient to allow us to pay all vendors and creditors on a timely basis.
In view of the losses from operations in fiscal 2008 and fiscal 2007, and the slow collection on certain receivables in litigation, we have been slow to pay vendors and creditors. While these parties have continued to provide us with requisite services and supplies, there can be no assurance that they will continue to do so in the future.
WEGI IN ITS CURRENT FINANCIAL CONDITION CAN NOT PAY FOR NEEDED BONDING FOR SOME LARGE CONTRACTS - THEY ARE BEHIND IN PAYING VENDORS FOR NEEDED SUPPLIES & MATERIALS AND SUCH - THEY ARE BEHIND IN PAYROLL AND SALES TAX. THEY NEED NEW CASH AND NEED IT FAST IMO
http://www.sec.gov/Archives/edgar/data/814915/000114420408044881/v122495_s1a.htm
WEGI "RECEIVABLES" ARE VERY SUSPECT - I HAVE FOUND 2 RECENT COURT CASES THEY WERE DENIED DUE TO NOT HAVING PROPER STATE LISCENSING IN PLACE AT TIME OF CONTRACT - I AM SURE THEY HAVE CORRECTED THIS GOING FORWARD - HOWEVER THE WEGI FILING SHOW A RECEIVABLE OF ALMOST $7 MILLION DOLLARS - AND MOST OF IT IS TIED UP IN THESE TYPES OF LAWSUITS BELOW > AND THEY DO NOT APPEAR TO BE WINNING THESE LAWSUITS - IMPO THE RECEIVABLES ARE SUSPECT AT BEST - IMPO OF THE COURT CASES I COULD FIND.
Here is some backround on 2 lawsuits WEGI lost involving the accounts recievable funds.
http://www.websupp.org/data/EDLA/2:06-cv-00593-70-EDLA.pdf
http://www.plol.org/Pages/Secure/Document.aspx?d=hfOh9UpHntSw3%2fe3qimtcw%3d%3d&l=Cases