reaper,
You seem to know a great deal about Breitling, so this is a question. My guess is that Breitling has no debt because they don't invest in oil and gas. They contact investors to directly invest in projects and Breitling is carried or takes an override, besides charging management fees.
Reserves of the company are small and irrelevant. The risk, as I see it, for stockholders is that almost all the market value of the company is good will. If Breitling cannot find investors, it's done. The series of exaggerations may or may not come to roost.
The suggestion, and it is only a hint, that they are having trouble paying their vendors is a red flag. Since Breitling is secretive about its track record, red flags are all there is to go on.
In four years the only thing Breitling has to show is an inordinate number of lawsuits, a handful of tiny to minority interests in wells financed by direct investors and two operated, poorly performing wells, a large amount of public appearances, and a book.
Does that about sum it up?
