Worthington Energy, Inc. (fka WGASQ)

[mdimport]

As a current Common shareholder there's nothing, but if Common works with all the creditors beforehand and and reaches an agreement to file for involuntary bankruptcy against WGAS, along with an action plan (new CEO, change of control away from Volk, incoming revenue producing assets etc., etc.), then there's a chance of reviving the shell post bankruptcy.

Would still require a R/S in bankruptcy to tidy up the WGAS share structure, so that won't help current shareholders. But if there are incoming revenue producing assets and a plan that avoids hyper-dilution there's a chance of recovery down the road.

how hard could it be to boot the felonious charles volk and put a real company into this catastrophe?

What I'd do:
1. 1,000:1 R/S (takes O/S to ~2.5M)
2. Find currently revenue + net profit producing asset and merge that into the shell with an issue of 2.5M new WGAS (O/S now 5M shares). Structure in a way that if the asset doesn't perform as advertised the deal is rescinded and the shares are returned to Treasury.
3. Use percentage of profits to pay down debt

Do steps 2+3 maybe 2-3 more times in 2015. Now you're looking at an O/S of 10-12.5M with 3-4 profit producing assets. Hopefully at that point there's sufficient net income to structure deals in a way that's completely non-dilutive.

The key is to have current revenue and profit producing entities merge in. Those entities won't require ongoing dilution to support them.