Current Report Filing (8-k)
Date : 03/01/2018 @ 2:23PM
Source : Edgar (US Regulatory)
Stock : Blue Dolphin Energy Co. (QX) (BDCO)
Quote : 0.5601 -0.2299 (-29.10%) @ 2:34PM
As previously disclosed, on September 26, 2017, Blue Dolphin Energy Company (“Blue Dolphin”), its wholly owned subsidiary Lazarus Energy, LLC (“LE”) and their affiliates Lazarus Energy Holdings, LLC and Jonathan Carroll (collectively, the “Lazarus Parties”) entered into a Letter Agreement with GEL Tex Marketing, LLC (“GEL”), effective September 18, 2017 (the “Letter Agreement”). Among other matters, the Letter Agreement confirmed the parties’ agreement to the continuation of the hearing on confirmation of the final award in the arbitration proceedings between LE and GEL for a period of time (the “Continuance Period”), subject to the terms of the Letter Agreement, in order to facilitate settlement discussions between the parties.
On February 28, 2018, the Lazarus Parties and GEL entered into a fifth amendment to the Letter Agreement (the “Amendment”), which extended the Continuance Period through March 30, 2018, in order to facilitate ongoing discussions.
*Another stay of execution. Carroll needs someone to buy GEL's claim, hopefully at a steep discount, and then work something out with that investor that everybody can live with.
Too much of what is called 'education' is little more than an expensive isolation from reality. ~ Thomas Sowell
