Magellan Energy, Ltd. (MGLG)

[artdo63]

Oh it is 100% NEVER. There is nothing to take advantage of. Eastwind Group is the legal owner. They abandoned the shell when they had no use for it over 10 years ago. When they abandoned it, it was a clean pink shell. Now it is a grey sheet defunct shell with a highly tainted corporate history and some 20 billion shares. If they didn't want it clean, why would they want it dirty? The cost to debate the tier and corporate history with FINRA and the SEC is not even worth the effort. They can buy a clean shell and spend less money than they would to hire attorneys to file a form 211 with FINRA.

Magellan will never do anything with the MGLG because it is not theirs to do anything with it. Whatever future Magellan has, if any, has nothing to do with the dead MGLG former trading vehicle.


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As things currently stand, you are correct spaceman. But someone does own Magellan even if not active right now. Perhaps one day he will want to take advantage of the current oil/gas boom which is only going to increase with the unsettled mess in Europe.

I find it hard to believe there is no vehicle to correct the shell issue. Ownership should default to the orignal owner if nothing else, since the hijacked shell sale was bogus.

My fear is if Magellan does start back up, they will just start from scratch and leave us hanging. If there is a fix to MGLG, I am sure it would be much paperwork, waivers, fees and penalties to pay.

But- Never say Never
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