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TECO and Geo Fractures explained:
First of all, there is no oil find in Belize. However let's assume that they are still going to perform some sort of geo-fracture apparatus operation. It is impossible the Belize Government would approve any such operations with less then 8,000 feet. Why? ALL such attempts in the US and else were have contaminated water tables.
If you ask anyone inside, they will tell you fracture is not attempted at those levels TECO reports.
So there, and THERE IS NO PROOF of OIL in Belize.
in my opinion: This is just a latest scam executed by the current managers of TECO.
You are wrong, TECO does not average 9.8 BPD, I think you are quite wrong. Those numbers are from October/Nov when production was high. No numbers for December have been reported, and January's numbers are missing too, If anything they are making less then 9BPD
FAKE oil find is the latest in TECO's desperate attempts to dump more shares. They were successful. 200+ Million shares were dumped by "third parties".
A new lawsuit has been entered against TECO on Friday
This new lawsuit will open up the company's records to authorities, now a full investigation into SEC is on its way.
TECO has been drilling water holes for the last four years.
To-date, TECO has not reported monthly production numbers.
To-date, TECO has drilled 2 wells in Belize, since October? How long does it take to drill a well? just a few days. So where does this leave you, the investor.
I would urge that you look at the risk make your own mind, I would sell before this one stops trading
With FAKE OIL find, and this latest lawsuit filed against TECO, why would anyone still even be in this stock?
Can you tell me how I can get in contact with the trustee of this action?
COMPLAINT
NOW INTO COURT, through undersigned counsel, comes David V. Adler, Chapter 7
Trustee (“Trustee”), who respectfully represents:
Jurisdiction and Venue
1. This adversary proceeding arises under Title 11 of the United States Code and
arises out of and relates to the Chapter 7 case of Charles Paul Alonzo, Jr. and Carolyn Williams
Alonzo (“Debtors” or “Alonzos”), Case Number10-10176, “B,” now pending in this Court. The
Debtors filed this Chapter 7 case on January 22, 2010 (the “Petition Date”).
2. The Court has jurisdiction over this adversary proceeding pursuant to 28 U.S.C.
§§ 157 and 1334. This is a core proceeding under 28 U.S.C. § 157(b)(2). Venue is proper in this
District pursuant to 28 U.S.C. § 1409(a).
Parties
3. Plaintiff is the duly appointed and acting trustee in the above-captioned
bankruptcy case.
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4. Made defendant herein is Ronald L. Blackburn (“Blackburn” or “Defendant”), a
natural person of the full age of majority and a resident of Orleans Parish, Louisiana. Blackburn,
at all relevant times, is and was a close friend, business partner, and insider of the Debtors.
Background
5. The Debtors were formerly the principals of Phoenix Associates Land Syndicate,
Inc. (“Phoenix Associates”), an entity engaged in acquiring distressed companies. In 2003,
Blackburn was appointed to the Phoenix Associates Board of Directors. Blackburn represented
himself as both the “COO” and “Acquisition Specialist” of Phoenix Associates, and possessed
apparent and implied authority to act on behalf of Phoenix Associates and the Debtors.
6. In May 2008, Blackburn contacted representatives of Treaty Petroleum, Inc.
(“Treaty Petroleum”), a Texas corporation engaged in mineral operations, to explore possibilities
of entering into an agreement to acquire the stock of Treaty Petroleum. Ultimately, Treaty
Petroleum entered into a stock transfer agreement with Phoenix Oil and Gas, Inc. (“Phoenix Oil
and Gas”), a company which, on information and belief, was owned by Blackburn and the
Debtors.
7. Several documents were drafted and/or entered into among the parties to
consummate the transaction between Phoenix Oil and Gas and Treaty Petroleum. On
information and belief, the transaction was ultimately consummated through a July 25, 2008
purchase agreement wherein Phoenix Oil and Gas acquired Treaty Petroleum from its parent
corporation (Treaty Petroleum, Inc., a Nevada corporation of the same name) in exchange for
five hundred thousand dollars ($500,000.00) in the form of fifty thousand (50,000) shares of
Phoenix Oil and Gas preferred stock.
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8. In December 2008, a reverse merger was effectuated between Treaty Petroleum
and Alternate Energy, Inc. (“Alternate Energy”), a publicly traded shell company. The surviving
entity that resulted from the merger was a publicly traded corporation named Treaty Energy
Corporation (“Treaty Energy”).
9. Pursuant to the merger, four hundred sixty million (460,000,000) total shares of
Treaty Energy stock were issued. Three hundred ninety-seven million four hundred forty
thousand (397,440,000) of these shares (or 86.4%) were issued to Tri Koon Holdings, LLC (“Tri
Koon”), a Florida limited liability company whose members consisted of Blackburn and the
Debtors. According to the Articles of Organization for Tri Koon filed with the Florida Secretary
of State, Blackburn and the Debtors were the managing members of Tri Koon. When the
Debtors were asked at their § 341 Creditors’ Meeting about the ownership percentages of the
three members, Carolyn Alonzo testified that Blackburn and the Debtors each individually
owned a one-third membership interest in Tri Koon.1
10. The Florida Secretary of State records showed no changes or alterations to the
membership interests of the Alonzos and Blackburn in Tri Koon until March 24, 2009. On that
date, which was a mere six days after a $3.5 million judgment was entered against Paul Alonzo
stemming from a state court jury verdict that included findings of fraud, Carolyn Alonzo signed
and filed with the Florida Secretary of State a Tri Koon “2009 Limited Liability Company
Annual Report” which removed Paul Alonzo from the list of managing members.
11. On or about August 28, 2009, Blackburn, through the stock transfer agent
Computershare, caused the reissuance of 237,036,750 of the Treaty Energy shares held by Tri
Koon. Blackburn personally received 209,228,750 of the reissued shares, and the remaining
shares were issued to miscellaneous third parties. The Debtors received nothing.
1 On information and belief, Tri Koon has been variously referred to as TK Holdings and T-K Holdings, LLC.
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12. As a result of the actions of the Debtors and/or Blackburn after the initial
acquisition of Treaty Petroleum, by the time of the Debtors’ bankruptcy Petition Date, (i) the
Debtors lost their interests in Tri Koon (and their interests in the shares of Treaty Energy owned
by Tri Koon and/or the proceeds therefrom), and (ii) Blackburn claimed ownership of 100% of
Tri Koon and of the shares of Treaty Energy that were owned by Tri Koon. However, little or no
value was ever given to the Debtors in exchange for their interests in Tri Koon or in the shares of
Treaty Energy owned by Tri Koon. On information and belief, the interests of the Debtors
transferred to Blackburn had substantial value. The transfers of the Debtors’ interests in Tri
Koon and/or their interests in the shares of Treaty Energy and/or the proceeds therefrom to
Blackburn (and any incurrence of debt in favor of Blackburn during the pertinent time period)
are hereinafter collectively referred to as the “Transfers.”
13. Approximately two months prior to the Alonzos’ bankruptcy Petition Date,
Blackburn filed Articles of Dissolution of Tri Koon with the Florida Secretary of State and
dissolved Tri Koon. The Transfers were not shown by the Debtors in their Statement of
Financial Affairs.
Claims for Relief
COUNT I – 11 U.S.C. § 548
14. Plaintiff incorporates all preceding paragraphs as if fully re-alleged herein.
15. The Transfers were made within two years of the Petition Date, and the Debtors
received less than reasonably equivalent value in exchange for the Transfers. In fact, on
information and belief, the Debtors received no value or consideration whatsoever in exchange
for the Transfers.
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16. At the time of the Transfers, the Debtors (i) were insolvent or became insolvent as
a result of such Transfers; (ii) were engaged in or were about to engage in business or a
transaction for which any property remaining with the Debtors was an unreasonably small
capital; and/or (iii) intended to incur, or believed they would incur, debts that would be beyond
the Debtors’ ability to pay such debts as they matured. This financial condition of the Debtors is
evidenced by, among other things, the filings in this bankruptcy case, including without
limitation the Debtors’ Schedules and Statements of Financial Affairs.
17. By reason of the foregoing, the Transfers are voidable pursuant to 11 U.S.C.
§548(a)(1)(B), and Defendant is liable as an initial transferee and/or a transferee for whose
benefit the Transfers were made under 11 U.S.C. § 550.
18. Additionally, and/or alternatively, the Transfers made within two years of the
Petition Date were made with the actual intent to hinder, delay, or defraud the creditors of the
Debtors.
19. By reason of the foregoing, the Transfers are voidable pursuant to 11 U.S.C. §
548(a)(1)(A), and the Defendant is liable as an initial transferee and/or a transferee for whose
benefit the Transfers were made under 11 U.S.C. § 550.
COUNT II – 11 U.S.C. § 544(b)
20. Plaintiff incorporates all preceding paragraphs as if fully re-alleged herein.
21. To the extent that the claims herein arise pursuant to 11 U.S.C. § 544(b), the
Trustee is asserting the rights of creditors with unsecured claims allowable in the bankruptcy
case who were creditors at the time of the Transfers, including such creditors as Phoenix
Associates Land Syndicate, E.H. Mitchell & Co. L.L.C., and Destin Resources, LLC, all of
whom could avoid the Transfers under applicable state law, including without limitation, Fla.
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Stat. Ann. § 726.105(1)(b), 726.105(1)(a), 726.106(1), 726.106(2), and 726.108, and the
Louisiana revocatory action and fraudulent transfer laws (including without limitation La. Civ.
Code art. 2036, et seq.).
22. The Transfers caused or increased the insolvency of the Debtors.
23. By reason of the foregoing, the Transfers are voidable pursuant to 11 U.S.C.
§544(b) and applicable state law, including without limitation, Fla. Stat. Ann. § 726.105(1)(b),
726.105(1)(a), 726.106(1), 726.106(2), and 726.108, and the Louisiana revocatory action and
fraudulent transfer laws (including without limitation La. Civ. Code art. 2036, et seq.).
24. The Defendant is liable as an initial transferee and/or a transferee for whose
benefit the Transfers were made under 11 U.S.C. § 550.
COUNT III – 11 U.S.C. § 547
25. Plaintiff incorporates all preceding paragraphs as if fully re-alleged herein.
26. This Count is asserted in the alternative, and only in the alternative, to the extent
that any of the Transfers were made in exchange for alleged consideration and/or indebtedness
owed by the Debtors to Defendant. The Plaintiff denies that anything was owed to Defendant,
but even if such an obligation did exist, and the Transfers were made in satisfaction of such
obligation, the Transfers were transferred to or for the benefit of Defendant within 90 days of the
Petition Date. The Transfers were made at a time when the Debtor was insolvent and enabled
the Defendant to receive more than he would have received under Chapter 7 of the Bankruptcy
Code had the said Transfers not been made, and had the Defendant received payment of such
debt to the extent provided under the provisions of the Bankruptcy Code.
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27. By reason of the foregoing, the Transfers are avoidable pursuant to 11 U.S.C.
§547, and Defendant is liable as an initial transferee and/or a transferee for whose benefit the
transfer was made under 11 U.S.C. §550.
28. In the further alternative, to the extent that any of the Transfers were made in
exchange for alleged consideration and/or indebtedness owed by the Debtors to Defendant, the
Transfers were transferred to or for the benefit of Defendant, an insider, within one year of the
Petition Date. The Transfers were made at a time when the Debtor was insolvent and enabled
the Defendant to receive more than he would have received under Chapter 7 of the Bankruptcy
Code had the Transfers not been made, and had the Defendant received payment of such debt to
the extent provided under the provisions of the Bankruptcy Code.
29. By reason of the foregoing, the Transfers are avoidable pursuant to 11 U.S.C.
§547, and Defendant is liable as an initial transferee and/or a transferee for whose benefit the
transfer was made under 11 U.S.C. §550.
COUNT IV – 11 U.S.C. § 549
30. Plaintiff incorporates all preceding paragraphs as if fully re-alleged herein.
31. This Count is asserted in the alternative, and only in the alternative, to the extent
that any of the Transfers were made after the Petition Date, the Transfers were not authorized by
the Court or the Bankruptcy Code and are avoidable pursuant to 11 U.S.C. § 549, and Defendant
is liable as an initial transferee and/or a transferee for whose benefit the transfer was made under
11 U.S.C. §550.
WHEREFORE, the Trustee prays that this Court render judgment against Defendant as
follows:
a. Avoiding the Transfers pursuant to 11 U.S.C. § 548(a)(1)(B) and/or §548(a)(1)(A);
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b. Avoiding the Transfers pursuant to 11 U.S.C. § 544(b) and applicable state law,
including without limitation Fla. Stat. Ann. § 726.105(1)(b), 726.105(1)(a),
726.106(1), 726.106(2), and 726.108, and the Louisiana revocatory action and
fraudulent transfer laws (including without limitation La. Civ. Code art. 2036, et
seq.);
c. Alternatively, avoiding the Transfers pursuant to 11 U.S.C. § 547;
d. Alternatively, avoiding the Transfers pursuant to 11 U.S.C. § 549;
e. Awarding the return of the property or the value thereof from Defendant as initial
transferee and/or a transferee for whose benefit the transfer was made pursuant to 11
U.S.C. § 550, plus interest from the date of the Transfers;
f. Awarding the Trustee the costs of this action; and
g. Awarding such other and further relief as is just.
Respectfully submitted,
GORDON, ARATA, McCOLLAM,
DUPLANTIS & EAGAN, L.L.C.
201 St. Charles Ave., 40th Floor
New Orleans, Louisiana 70170-4000
Telephone: (504) 582-1111
Facsimile: (504) 582-1121
By: /s/ David J. Messina
David J. Messina, Bar Roll # 18341
Fernand L. Laudumiey, IV, Bar Roll #24518
J. Douglas Rhorer, Bar Roll #34052
Attorneys for David V. Adler, Trustee
There is no Production, there is no oil, there never was any oil and there never will be any oil.
If all those things actually existed, TECO would report them as such.
NEWS ALERT: TECO is in bankruptcy lawsuit as filed by the New Orleans state and creditors.
Reminds me of "Sinking ship" that guy was so right.
Stock Chart Review:
200 Million shares were dumped by insiders
Market Makers are just executing those sell orders by third parties as reported in 8k.
Look at any other chart pattern, anyone on the street will tell you the same, it is a pure share dump before the big collapse.
Just ask anyone on wall street.
TECO was founded on fraud, hence the lawsuit. TECO reported FAKE oil find, hence the stock price. TECO has yet to produce an update on KANSAS!!!!
You did the smart thing, cut your loses and run before this stock trades in the 1s
TECO is loosing PSA assignments in Belize. After speaking with several inside individuals in Belize City, it is now confirmed that the Government is going to move to cancel TECO's PSA concessions.
Maybe that is the reason for the 180 million share dump?
What do you think?
Belize is canceling TECO oil concession due to their repeated violations. For example announcement of oil find.
Here's one more:
"Meanwhile, Prime Minister and Minister of Finance Dean Barrow said that he believes Mr. Cho, that no live oil was found in Stann Creek, and he suspects Treaty Energy made the announcement to get more financing from the price leaps in their shares in the US that resulted from the announcement of an oil find in Belize. "
BREAKING NEWS ALERT, After talking with several individuals in Belize City, and the nearby location, I can now confirm that the recent developments, bashing the government by TECO, Belize government is now exploring all options to cancel the contract which TECO has violated repeatedly.
There now you have it, is that what the Monday’s announcement going to be?
This is insane TECO appears to be scamming people out of their money with their recent fake oil find report. No geologist on record has said anything about any OIL find, there. you have it.
Andrew Cho, Why do you say he is corrupt, what proof do you have?
USOG and TECO, refreshed perspective
1) USOG like TECO reported false claim
2) Millions of shares sold as USOG rose in price
3) People on boards kept on saying buy USOG while the SEC was investigating.
4) USOG Declined, people kept putting up pressure, buy, looking good today, another great finish.
5) Insiders made money on USOG, everyone else.... lost
Don't say you weren't warned.
TECO will need all the cash they made to pay for the water table damage, not to mention that they bash Belize.
Geology in Belize says NO OIL, so why would you think differently? Of course people will question it?
Could those meetings be with SEC? or the lawyers planning how to EXIT treaty?
You are right, TECO stops trading, could be as early as next week.
Especially when there is no GEOLOGIST on the record saying there is 6m in the ground, its a joke.
So lets say that they find some sort of oil in Belize and the Ohio partner will not turn that into a backdoor cash deal. 20% of that is TECO. Minus the expenses, payoffs, cheap hotels, there wont be enough oil for an oil change dammit !
TECO contamination of the water table will land TECO on the receiving end. I was wondering if the Government bashing by TECO will continue after geology department puts a dollar value on the contamination?
TECO’s ability to conduct business
1) Government bashing
2) Contaminated water table, I would expect some sort of action from ether the Belizian government or environmental right groups. I think TECO will find it-self on the receiving end of a lawsuit.
3) Andrew Reid is selling
4) Andrew’s Ohio partner is making cash deals, SEC will look into it.
5) Little thing like, reporting FAKE OIL FIND
TECO contaminates the water tables? They do government bashing. They lie about OIL find? Now I just got the info on the cash deals with Andrew’s partner from Ohio. What’s next?
Andrew Reid is selling, as he filed insider sell form, he sold his shares, he made his money. Fake oil find is one thing. How about that the company is not making any OIL in Texas with 8 barrels per day. Kansas 0 per day for TECO shareholders and 100% for TECO management back door deals. SEC, where are you?
Geology Minister says NO OIL Find for TECO This is serious stuff, the company claims oil, 6 million barrels, how come there is no geologist on the record saying that? You know why? No geologist would want to loose their job over a fake oil find, which is what TECO did. Proof:
How about FAKE oil FIND? What do you think SEC will do ?
Where are those answers bull? Can you post them online? Can you ask Andrew one more question. How many shares did Andrew sell? All?
FAKE OIL FIND NEWS CLIP
This classic PUMP and DUMP is coming to an end 160 million shares, all the insiders are jumping ship
Haha, the graph now produced head-shoulder pattern, this baby is going down.
150 Million shares, thanks Jen, someone is now rich, how many of you are rich?, oh wait they are still waiting since two years ago. Please stop this nonsense, TECO FOUND NO OIL
Proof of FAKE OIL FIND
People like to loose money and that is why companies like TECO exist. I know it is silly, but its true.
TECO has no oil, 50 bpd where is that? the never never land? It is clear now that they produce less than 8 BPD, and TECO can't admit to it publicly because everyone will then see they are nothing more then a joke
SELL THEM WHILE YOU CAN. As explained in my previous post this stock will not last, fake press releases, fake oil finds, government of Belize admits they have no idea why TECO posted an oil find when the geology department agrees there is NO OIL FIND.
TECO first bashes the government of Belize, then they report fake oil find, how do you feel SEC will feel about this?
SEC TECO annihilation explained. For many months now others have questioned TECO’s actions. Those actions were unreasonable and raised red flags. SEC had alot to go on. Now, with the fake OIL discovery it is an easy open shut case. Didn’t Andrew Reid file a notice to sell shares few weeks back? And then the stock takes off to 12 cents. Everything was carefully planned. SEC has alot more to go on now.
SEC WILL NOW WANT TO SPEAK TO THOSE THIRD PARTIES.
So it should be an interesting road for the next couple weeks. I would imagine stock like TECO will soon stop trading. All this stock about shorts is useless. Don’t listen to lies, listen to the truth.
Dilution will stop working the moment SEC puts a stop to it, and those promoters will be questioned, your accounts will be seized.
Proof of Belize Gov saying there IS NO OIL
Dump while you can, watch the News Story:
PUMP AND DUMP, get out of TECO while you can
They said they found oil, but in reality it was just staged for the Investors in Belize, it is a joke, the government of Belize says there is NO OIL! GET it? Its just a pump and dump and you are about to be dumped..... lmao
Princess owns majority of any oil coming out of Belize. if they even could find a viable production of oil in Belize. Which means no GREEN spring. What does TECO exactly owns in Belize? Nada, they just paid the government fees and any royalties (OIL) is paid to Princess, lamo, TECO managed to screw you once again!, But wait, don’t stop keep on funding them,.
oo and guess what, I am sure they will not announce actual production numbers again.
I am sure that just as you arrive, they will announce they have OIL or some bull like that, have it analyzed, there is a reason why Belize government said they have "no potential" for commercial oil production. 70's was Exon mobile who drilled and found no viable production, 40 years later TECO goes in with a 4 cent stock and continues not to disclose true numbers, then we find out they produce less then 9 barrels per day, lol.
Take your money and run.