Dockets 260 and 281, Are they for real?
I did see that in document 281 the court is going to allow a lawsuit to go forward against the officers and directors.
In document 260 the unsecured creditors are asking for the lawsuit plus they want to be allowed to bring claims prior to the directors and officers insurance amount from being lowered on June 15, 2015.
I find it incredible that they agreed to the sale to Eos, even though the company had only as little over a million in assets. I looked up Eos (EOPT) and the idea that they were going to buy Dune Energy is just not believable. EOPT is worse off than Dune Energy. It is as though the directors decided the only way to get money out of this would be to do a merger with EOS, that would fail, and then get a claim for the D&O insurance. I can't see any other logical reason for the refusal of taking other buyout offers but then go with Eos offer. I also find it amazing that Eos closed at $4.00 today, for a market cap of $190 million, even though it only has assets of a little over one million. I wish the stock would get to $5 so I could short some of it, or it traded options or I could buy some long dated put options. Except for $60K in Q1 2015 revenue, the only thing the Eos seems to 'produce' is lots of debt and borrowing. I would love to talk to someone who is buying EOPT and ask them why they are buying and what do they think the value of the company is.
Louis J. Desy Jr.
