Addax Petroleum (fka AXC)

[tryoty]

I agree:

"I would prefer they cut expenses to the bone rather than taking on more Convertible notes. That said, they have dramatically improved their position over one quarter and I would hope that trend continues."

But the fact remains... with even moderately competent management the company never would have ended up in this position. Shareholders were sacrificed because it was "quick and convenient" and easier than doing the job he was hired to do.

I believe there is a rock solid legal case against Ntephe for completely abandoning his fiduciary duty to shareholders, but it's fools play to entertain acting on that. The company is all but bankrupt now, what would be the point. Ntephe would just run back to Nigeria and hide. He hasn't faced his shareholders in years. He certainly wouldn't face accountability in a court of law.

Peter Ntephe showed his true colors when he blocked the Transfer Agent from disclosing the true share count, and now he is actively trying to convince people that the share count is under 1.5B... that's a damn lie.