Well, they just terminated the CFO to save money, that actually relieves some burden as he was making 220K/year plus the options which will be worthless now, in fact they didnt even have time to vest (minimum a year). They probably got him to do every last piece of work that could be done before leaving, but now they'll need to farm that out to someone (I doubt the CEO can pull that off and it will distract him.) So I see this as a one man show now, wow. With Oil over 50/barrel, actually, I don't care what the price of oil is, there's always deals to be had, they've got to find something.
But look, the last check of their cash position was 9.5 million end of September, that's not chicken change. Just on cash alone, fully diluted shares around 400 million with Irvington (268 undiluted), the company should be worth around 2.4 cents if they just shut down and give up, and it's trading around that now. Tell me, and I don't know, are there many if any fully reporting penny companies that are trading at cash? Maybe that doesnt mean anything, who knows.
