I suppose I'll need to ask my broker for the certificates?
They probably can't really get them
As long as they are willing to keep the holdings in their database allocated to my account for another decade, I'm fine with that
The firm is still frequently mentioned in the Indian financial / petroleum industry press, as they were an unwitting party to a major scandal , victimized by a state-run Indian petroleum firm - that firm had run up costs of a large natural gas find 10x expectations, and the (former) CEO of the state run firm was recently indicted on money laundering
GGLR was reported to give up the stake in that property, in return for extinguishing all debt associated with the last decade of development ($300m of debt)
This was publicly reported in the Indian financial press
They have several other minority participating interest states with cash flow producing properties, and last reported (several years back) stakes in a few dormant properties, which would need regulatory approval and cash investment to bring to production
The shareholding profile is likely the same as it was several years back
ILDE (Israel) holding ~32% of equity
Jean Paul Roy (founder and only acting Officer) ~9.9% of equity
Crede II investment partnership 9.9% of equity
all others below 5% (no one reporting to SEC)
The Indian subsidiary filed financials with Indian regulators to bring their status current in mid 2015
I haven't seen them, as to get a copy you need an address in India and an Indian bank account to purchase the copies
My guess is that the remaining properties have a value of around ~$25m or more, with significant upside potential - a large oil development program has been approved by the Indian govt regulatory, and GGLR is reported to hold 20% or the stake
However, cash flow is still lower than needed to maintain SEC-level financial reporting (basically JPR and a lawyer are the only known employees), and to maintain the 20% in the Tarapur development project, the firm will need to front several million $
If this becomes private I assume my broker is obligated to show I have ownership of my portion of the firm, if the time comes that the company is restored to reporting status and/or provides a dividend and/or is properly liquidated upon sale of properties
Also concerned that JPR 'retires' over the next decade and the ILDE managers subsume what's left at that time
