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No kidding. Ford hasn't done anything. Their accountants and execs all have day jobs and assign themselves important sounding titles. If he were capable he wouldn't be involved with this company. When they do anything they promise then maybe we can change our opinion. However, until then it is impossible for supporters to be taken seriously.
I know. Just don't get it. Ford and his cronies are supposed to be the "good guys", but they can't complete basic business accounting. They hide behind excuses. I guess they continue to hope for a miracle? The Bradford lawsuits alone will sink them. Until they come up with a way to pay investors back they are dead in the water. I just don't understand why they don't get it? Actually, I am pretty sure they do and that's why nothing has happened for 2 years. Its like a maze with no way out.
There is nothing to acquire or merge. Whoever brought Ford in only wants their investment back . IF they can get that done they will walk away. They have no interest in running a legit company. Its not like we all don't want the same thing. We want our money back as well, but they will get theirs first. We won't see anything.
Sure has went cold around here. Another week of no info.
The dump will occur if they ever get current and everyone sees what disaster the company is. I think they will stall for another few months hiding behind "auditors".
Well said. Cardinal will try all they can to distance themselves from the Bradford, their biggest liability. If Cardinal is to survive they will need to pay back the Bradford investors. They won't be able to say it was Tim, he's out and its all good now. Cardinal, Tim and others definitely knew what they were doing. It wasn't an accident. They know what happened and still with hold the information waiting for some miracle? The Bradford investors have asked for any and all available financials. We are OWNERS of the JV and have every legal right to the information. Current management refuse to provide despite pending legal action. They do not have the right to with hold. Withholding creates damages and now has attached them to the fraud. Eventually, the information will be obtained and sorted by a forensic accountant. It won't be good and many will be linked to this scam. We will see where the money really went, because a lot, if not most, didn't go to the Bradford directly.
Its not about intelligence its about morality. The Bradford investors were sold a program created by Cardinal that wasn't feasible. The OM was overinflated and the management of the project a disaster. The owners of the Bradford have asked for financial information they are contractually entitled to for several years and have been denied every time. We have asked for an update or conference and nothing. Bradford investors have lost a lot. They have lost income, marriages and some have passed. This was hard earned money for these people. They did not deserve to be lied to and the continued lack of communication. These are good people. The money I lost doesn't change my life but it did for many others. So, I press on for not just me but for them. If you feel current management is doing a great service for them you are dead wrong. Actions speak louder than words and so far Cardinal hasn't done a thing to allow investors to change their minds. So when they hit a deadline, provide owners requested documents and do the right thing, maybe then we will be less "bitter". Until then no can do.
Since he seems to reply to you ask him how he plans on making the Bradford investors whole. If there isn't a plan, then he might as well shut this down. If they think they can walk from the Bradford and succeed in new ventures they are dead wrong. None of the hard money investors care what they do as long as they get repaid. If the loss was only because oil prices went down none of us would blame them. They sold an overinflated project and misused the funds. So, the main reason nothing has been filed is because they can't hide or explain what happened to the Bradford. It is the only real thing in their way of filing. If they don't clean it up prior to filing its an absolute road block.
They would screw that up as well!
Exactly. They all play dumb when it falls apart. The problem with Cardinals CPAs is I believe they knew and know the numbers are wrong and fraudulent. Thats why so many have quit. Any accountant that doesn't report the information becomes guilty. Remember the stock is still being actively sold. Damages are still accruing. I have no idea why anyone would work or attach themselves to such an obvious scam. That is unless, they are scammers themselves.
Thats what they did with the Bradford. They overinflated its value and potential. Dropping oil prices only hurt investors desire to invest. The lease was garbage and they distributed the funds to things other than the Bradford.. With no new money coming in they couldn't keep the scam afloat. Their new project will be the same thing. They will put together what appears to be a good deal and structure with false information. Grab the cash and create chaos to cover their tracts and plead ignorance. Repeat.
I think it would be hard to say otherwise. The current management is following the same path. They are making it look like they are trying, but in the end story will be the same. The current account, Petterson has gone silent because he is afraid like the rest of them. I have been told he is waiting for the SEC/FBI to contact him. It sounds like he is aware there is no way out.
I agree Tim is a real loser. I am afraid we are finding out that Stan is a close second. Time will tell. We all just want our money back. Unfortunately its not in their game plan.
But is he really telling you/us anything we don't know?
Its not just Cardinal that will be taken down by SEC. Their accounts will as well since they "approved" the prior financials. They are along for the ride. It will be interesting to see who goes down with them.
The PR that was put out told us nothing new. We already knew they are delinquent. It didn't state when they would get current. It had several inconsistencies and multiple lies. I think it was an attempt to bump the stock but will hurt them with the SEC investigation. Where was the mention of this? There isn't anything they can do to avoid the hammer that is coming down.
Doubt that happens here. Its more common to fail. Especially with these nuts uncharge.
Just cant happen. The life was sucked out of this company years ago.
What are they funding? Cardinal has nothing and current management is there to just try and save the company. Who takes it from here? What in the world would someone be investing in? Performance record? Stan has to be crazy if he thinks anyone is looking to invest. Crawford said that all the time. Thats the line all these scammers use to keep the hope alive.
Its funny that Cardinal can put out a PR and some believe it to be the truth. We can all agree they have lied over and over. We can all agree they lost millions using poor business principles. It was and is a scam. Even if you don't believe its a scam can anyone honestly successfully argue they can be trusted? Its not like Ford and his crew have done a lot since taking over, other than excuses.
I don't see their new direction? They are just trying to distance themselves from failure, theft and poor reputation. I think the past is very relevant. We really don't know if any of the current management had levels of involvement along the way. We don't know much of anything since there is no real communication. Investors should remain suspicious based on prior information and results.
Where was this from?
Ahhhhh. The mystery of the fox!
So, lets recap.
1. They hired a firm in 2017 to find leases. Whether they paid the $80k is unclear, but nothing reported so they haven't purchased any leases.
2. They aren't drilling?
3. They are vacating an area/State because they owe money, have a terrible reputation and under investigation.
4. They are delinquent on all filings from 2016, now 2019.
5. Have a new business plan that no one can understand.
Sounds like a really solid situation.
Just because they released something doesn't make it accurate. A lot of what they posted is inaccurate. Its actually extremely vague and chalked full of excuses. No where in the statement did they mention they mismanaged the company. No where in the Bradford statement did they say they were sued over the leases and didn't show up to court. The leases went back to the owners by default. There is so much to the story.
Now we know why Stan is there. Odd that they signed in 2017 and never disclosed to investors. I like "was to pay". I am sure they didn't and this company ditched them.
True but its too late. Damage done, laws broken. That wipes out everything forward. Now if they are planning on paying restitution to investors that were scammed then they MIGHT survive. Otherwise, its still over. Since I know they have no plan to do so it's over.
Exactly. They raised money for a project that couldn't produce. They used the funds to pay themselves and other debt unrelated to the Bradford. The bad news for Cardinal is Crawford was the CEO. He sent out too much information to so many investors that it is a slam dunk. He tried saving his own ass above the company and took it down with him.
So, most of this already known info. It didn't state when. Just that they are behind and working on it. It also states they have nothing. Now regarding the Bradford lease, they were the creator and owner. End of story. They are trying to separate and that will be impossible. The evidence is so overwhelming they are wasting their time trying to do so.
You can try, but pretty sure it will be useless.
My attorney has contacted him several times. He first said would provide and now wont respond.
Very true. Its also true for COO, CFO and accounting. To not report it for this long makes them liable. Laws have been broken. This SEC/FBI stuff. Its not a parking ticket.
Its funny they are attempting to do this. Its exactly what I told the other Bradford partners they would do. So predictable.
Renegade CEO? Not a chance. Trying to distance the 2 is a waste of time. You can't commingle funds, assets, employees etc... and say they aren't one. Its too late. Once you do this you take on the guilt.
Well put and true. Time for the lies to stop and face the truth. Time to shit to get off the pot.
Come on. Are you for real? Nice excuse. They have hid behind the SEC excuse for years. Laws have been broken. It won't matter what they say its a fact. Once a 3rd party forensic accountant digs in it will be a slaughter house.
Curious, how much money do you have personally invested in any of this? Not IUOs or sweat equity, but real money? I guarantee none.
No the Bradford investors wouldn't have known because the scam was active. By the time the new management was in. place everyone with any common sense would be able to see it was a scam. So to say Stan and anyone else involved now didn't know is ignorant. To think Cardinal/CEGX/Bradford are separate entities is ignorant. Cardinal created and sold the Bradford. They can't just walk away and say its not their problem. This goes for any other scam lease they put together. When the facts go public of where Cardinal/CEGX spent Bradford money and the what/where they drilled the SEC will start making arrest. New management has direct knowledge of most of what transpired by now and they are trying hard as hell to not let SEC find out. Knowing laws have been broken and fraud has occurred and not turning over the evidence when asked is a crime. This makes new management liable. I have asked for 3 years to have accesses to financials BVJV partners are legally entitled to and have been denied. New management has denied as well. That makes them liable. So, when new management acts differently than the old we investors will reconsider. Until then, its the same BS we have heard for years. So Stan, prove us wrong. Get current. Bring in big money. Satisfy the SEC that Cardinal and CEGX didn't cheat investors out of their money. Try to find anyone in Texas that will work with a loser. This is all you have to do! Never going to happen!
Pretty sure you will have a hard time convincing anyone of that based on what we all know. Its not like current management has supported any innocence with their lack of communication.
Yes have seen. Just goes with the theory he is a scammer. Also if CEGX was such a mess he could have just quit. There is more to the story for sure. How many times are we going to hear that "as soon as we file 2016 there will be a PR"!
Probably right. He was probably paid in stock. Tim did that all the time. Worthless but he would give hundreds of thousands as payment attempting at making it look legit. The other option if he is demented and doesn't know any better.