ProTek Capital Inc (PRPM)

[dukeb]

It's open for debate whether Luther was earnest in any of his discussions with Davyd, Luis and others. Yes, I know that Luther is a seasoned executive (he used to run Exxon/Mobil, IIRC) but I still say that he might have genuinely believed that Eddie would come up with a way to deliver on the promises being made to the "acquisition partners" and ultimately to the bagholders here.

Could it be that Luther finally wised up and has decided to walk away?

Regarding debt on the balance sheet, what would prevent Eddie from paying himself $ 25K a month as CEO. And charging $ 2K a month to rent a portion of his palatial digs in Texas as the "corporate office"? True there is no cash to fork over now but the debt would sit on the books until there was cash to take and you-know-who would be the first to dip into the kitty.

When these companies control compensation (to officers, employees and closely related vendors) it just seems silly to believe that shareholders will end up with anything.