Far East Energy Corp. (fka FEECQ)

[runncoach]

SS is almost 350 million shares with nearly ALL in the float. Insiders owned only a few million shares when the mess hit the fan. The asset used to have a large value but was contingent on a Chinese production license that had to be renewed every couple years. The last time it was renewed was nearly 3 years ago and allowed the company to take on huge debt for a drilling program they told us would produce commercially viable results. They did not of course. Because of this the company couldn't find any lenders or partners willing to give us the money it would take to drill the 30 or so wells necessary to keep the Production License with the chinese. Management which had employment agreements that would allow for really nice paydays in the event of a larger funding, chose to walk off and close corporate headquarters knowing that the PSC would expire to the assets at the end of this past June. Bankruptcy filings show the huge debt and minor assets and without the PSC chose Ch 7 instead of ch 11 so no attempt to reorganize will be made. It's not really all or nothing. Its just nothing when its ch 7 nearly 100% of the time. JMHO GLTY