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There are about 35 million shares of "restricted" stock that is actually no longer restricted, held by the original investors in Treaty Petroleum Inc. (Hallin, Hyatt and Dunham's group). There are about 15-18 investors, all own at least 1.1 million shares and some own close to 6 million, perhaps more. My guess is that since the restriction has expired, some of them are dumping the stock to get out what they can before they lose everything. As is, they obtained the stock at .05 per share for their ownership in TPI, so they all have over an 80% loss already.
Can give you HiGround's phone number (or Hallin's) if you want to call them and see if they know anything.
I believe TECO's attorney is Jonathan Leinwand. He has lots of SEC experience, check him out.
I have some thoughts on Tri-Koon dissolving. TK owned the vast majority of stock in TECO. RB was the owner of TK. He was selling shares of TECO out the back door of Tri Koon to other unsuspecting investors who bought him out of TECO at a "discounted rate" so he picked up another couple mil via unsuspecting investors who figured they were getting TECO and whatever else he was peddling. RB had a lien on his stock in TECO to prevent him from selling it as part of a stipulated judgment, but he could probably utilize TK to accomplish the same results and so that's what he did. Once the stock was gone, dissolve TK so there's nothing that can be done with or against that company (which also had PA and CA's name on it although RB owned the vast majority). IMHO of course.
I would think this news should come from the CEO and be disclosed in a 10K since it's VERY relevant if it is in fact the case. We know the IR has been associated with ARGY and RB from the very beginning so there is some question as to the credibility of the source.
If you look at a complete history of the company and it's predecessors (Treaty Petroleum, PBLS, Tri-Koon, etc) you will find that Newton and his CPA firm have had a business relationship throughout. This includes when RB and the Alonzo's owned 100% of TK Holdings, who at the time owned over 90% of Treaty Energy. The relationship actually proceeds that time as well. Dig into the DD and you'll find it to be factual. And it was specifically and exclusively RB who hired Newton into his current position and cut the deal with him.
That's true, but Blackburn hired him and he has a past history with RB and friends.
Hey Cap, haven't you heard? RB is no longer the majority shareholder. He's using his stock to promote and build TECO. What a stand up guy.
Did he tell you who the majority shareholder is since it's reportedly no longer TK? Must have changed in last few days. Are they going to file a new SEC report indicating such?
I spoke to the CEO (not today) who told me that TK Holdings is still the majority shareholder. Ron Blackburn may or may not be the primary owner of shares in TK Holdings, because he has been selling shares of TK Holdings in a private offering.
I don't believe I said anything about speaking to the CEO today. I said I spoke to the CEO.
The Ron Blackburn in TECO is the same Ron Blackburn in TK Holdings, the same Ron Blackburn in PBLS, and the ball keeps bouncing. The paper trail on this company demonstrates such. Follow it from today backwards to the very beginning. You can also follow it back to Ohio, Georgia, Florida and a few other places.
Tell me how to go about getting these and i'll see if I can fund and post it.
However there have been changes since then.
Sago lease lost
Financing lost
Board of Directors gone
Plus it wasn't a phone conversation (in person) nor was it to a "random" person.
No, the conversation was not held today.
What he had to say is pretty much counter to what has been posted here, particularly the PR and info off the website. He also said that the IR knows all of this information, but said that the IR answers to someone other than him (and named the person to whom the IR answers), so the CEO can't do anything about what the IR is saying.
He had much more to say. Interesting information can be obtained from a social encounter.
He also said the financing deal was "dead" and that they were "hoping to locate alternate sources." Guess the big news that's coming out this week is that they're hoping to find some money somewhere?
Spoke to CEO yesterday. SAGO is gone.
"With the right news anything can happen": do you think the SEC might look into the resignations of Hyatt, Hallin and Dunham particularly given the tone of the letters?
That info has been out for a couple months now. So they're going to pledge some money. "show me the money" so we can go to work on getting this operation off the ground!
Nothing like a good house cleaning to change the mood.
did they give you any info regarding any land deals falling through as previously described? just interested to see what they have to attempt to drill on. any update on loans? been a while since that deal was announced but still waiting on details and an update that money was on the table and in play.
But if Newton is buying with his own money, maybe he's going to make a major announcement soon and he's just doing a Martha Stewart....hmmmm.
Take a look at the other SEC postings and you'll see the agreement by which Newton was hired. He gets paid in stock, not $$. Call it "incentive pay"? Of course the lower it goes, the more stock he gets, then he can announce a couple of positive comments, and improve his position dramatically. Hmmmm. Think of it as a 21st century version of insider "dollar cost averaging"
He's being paid in stock, not putting his own money in the company.
hope he's something other than Ron Blackburn's buddy since he's loading up with stock. nice deal for the prior directors, regardless of how incompetent, to have blackburn and newton screw them and take good care of themselves. not defending them, but RB is sure doing a nice job of taking care of Newton.....assuming the company survives, which is not likely.
don't know why it has to be filed. maybe they wanted to make waves?
Here's the rest:
Ron Blackburn and Michael Mulshine clearly assured that they were filing a 14C and that it and everything would be done “by the book” via an attorney they referred to as Mr. Pratt. To date, no SEC form 14C has been filed and although the board members have requested it many times, we have not received written notice of our removal or copies of the written consent of each of the voting shareholders referred to on paragraph 5.02 of Form 8-K dated July 8, 2009 (filed July 15, 2009) and the 10-Q dated June 30, 2009 (filed July 14, 2009).
Further, I disavow having a role in any statements made or any input on any actions taken by Treaty Energy Corporation Director and CEO, Randall Newton (appointed by the majority stockholder), any representative of the Majority stockholder, or any other persons associated with Treaty Energy Corporation from July 7, 2009 forward including news releases, purchase agreements, marketing efforts and documents, or filings with the Securities and Exchange Commission. In fact I note, that many actions taken by Randall Newton, Ronald Blackburn, Tri Koon Holdings, Michael Mulshine and others were actions specifically deemed as damaging or inappropriate and decided against by the Treaty Energy Corporation BOD before the notification of removal by David Hallin, Gary Dunham and me, from the Board.
Respectfully submitted,
/s/ RONDA HYATT
Ronda Hyatt
President, Treaty Energy Corporation
Cc:
Securities and Exchange Commission
Nevada Corporate Headquarters, Inc, Registered Agent
Nevada Secretary of State
Jonathan Leinwand
Casey Kitchen (M&K)
File
From website previously posted:
EX-17.2 3 treaty_172.htm RESIGNATION LETTER
Exhibit 17.2
Ronda Hyatt
310 N. Willis, Ste. 212
Abilene, Texas 79603
higroung@sbcglobal.net
September 17, 2009
Randall Newton, CEO
Treaty Energy Corporation
1912 Kipling
Houston, Texas 77098
Gentlemen,
I hereby formally resign from the Board of Directors of Treaty Energy Corporation, as an officer, and from all capacities held in regard or in relation to Treaty Energy Corporation.
I was advised of my removal from The Treaty Energy Corporation Board of Directors on July 8, 2009, by Ronald Blackburn, CEO Tri Koon Holdings (majority owner of Treaty Energy Corporation) and Michael A. Mulshine, Investor/Public Relations, during a conference call that included the Board until that time: Ronda Hyatt, David Hallin and Gary Dunham. During the call, I cle
Looks like trouble in paradise:
http://www.sec.gov/Archives/edgar/data/1075773/000111650229001454/treaty_172.htm
What is a Froat? The Froats can best be described by people on this board who invested in ARGY and lost mega $$ because of the Froats. Not being in that position, I can't comment with accuracy, but there are a number of folks on this board who can tell you who the Froats are. They received a large number of shares in TECO as part of ARGY's merger with Treaty Petroleum to form Treaty Energy and Bloomberg shows Sean Froats with 3.5+ million shares and AECI Inc 9.3+ million shares. Sean has almost as many shares as the new CEO R. Newton who has according to Bloomberg, 4.2 million.
You're correct on that call. Although if you look on Bloomberg you can find that two Froats are among the majority shareholders....a la ARGY. Anybody know them?
So why have they acquired properties where there were either no wells or the ones on site were not functioning?
I'm pretty sure I understand the acquisition part of the business plan. That would be acquiring properties/leases with proven oil and gas reserves. What I don't understand is the production part of the business plan. Since the company went public in January, not one drop of oil has been produced or even attempted to be pumped. There are no active drilling sites nor have there been since TECO went public. So, if the plan is to acquire, that would mean all money going out and none coming in. If the plan is to produce in addition to acquiring, it would seem logical to me that you have to at least demonstrate that you're capable and active in getting oil to the surface in order to get the financing. If they are waiting on financing, shouldn't they be holding up on acquisitions and stop the bleeding until such time as they can actually fire up one, just one well and get it operational? I can't see why anyone would lend them money under what their demonstrated business plan is (not their proposed plan). That's just my opinion.
As I said, it was spun off prior to the BK, and it is my understanding that may have already been reported to BK court to look at.
Some of the PR's however have been a bit misleading. Take for example the first one listed:
12/03/2008 ARGY and Treaty Petroleum, Inc Announce that Treaty will merge with one of Alternate Energy’s subsidiaries. After doing so Treaty Petroleum will receive 90% of ARGY’s common stock which in turn gives Treaty Petroleum controlling power of ARGY. The closing was scheduled for December 12, 2008
What's misleading? Well, what it doesn't say is that PBLS owned 100% of Treaty Petroleum, and they (PBLS), at some time along the line, and by some method, as bankruptcy was approaching, spun that interest off to TK Holdings (Tri Koon Holdings) Tri Koon Holdings then owned the majority, not Treaty Petroleum. And if you look at who TK Holdings is, follow some background info, you'll get a better handle on the story. (IMO)
Volume, there are a number of documented sites on this board where you can get some good information. A number of folks on both sides. If you're into doing your own DD, check the Texas Railroad Commission, take a good look at their status in their 10K and check out the majority shareholder, who owns over 58% of the stock. Majority shareholder is Tri Koon Holdings LLC in FL (although they list themselves as TK Holdings on the 10K, the new CEO has admitted it is Tri Koon). Tri Koon is owned by Ronald Blackburn. A thorough background check on the folks in Tri Koon who are pulling the strings on TECO should tell you a great deal, IMO. Good luck in your DD.