Blue Dolphin Energy Company (BDCO)

[Enterprising Investor]

It appears that Blue Dolphin must continue to make $500,000 interim payments per month until the $10 million settlement payment has been made.

The Settlement is conditioned upon payment by the Lazarus Parties to GEL of $10,000,000 in cash (the “Settlement Payment”) and $500,000 in cash at the end of each calendar month until the Settlement Payment is paid (the “Interim Payments”) or the Settlement Agreement is terminated. The Interim Payments will not be applied to reduce the amount of the Settlement Payment, but will reduce the Final Award.

Once the settlement has been paid, BDCO will be able to book a gain on settlement.