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Tuesday, September 04, 2018 5:42:52 PM
Energy sector financing is straight-forward for competent deal teams (which MMEX has never had), and for credible, reliable, competent sector experts (which Mad J. certainly isn't).
MMEX has no credible team - instead, they have a gang of hucksters, carpetbaggers, and scammers with a collective 30-plus year history of business failures, loss generation, and questionable deals.
Mad J. himself, while never convicted, was arraigned on fraud charges in a scheme in which Salt Lake City, and the feds were bilked out of millions. His string of failed businesses, and track-record as huckster and con-man are such that the only money anyone will lend him is floor-less, convertible toxic debt. The traditional finance markets wouldn't touch 'ol Mad J. with a 1000-mile pole.
Legitimate energy sector projects are routinely financed by deal teams within 180-day, usually faster, if you look at the point equity gets soft-circled. As a comparison and contrast, more than a year after announcing intent, MMEX is still languishing.
This is a sign of two things; a project that is unnecessary, not needed, and would never be profitable (an isolated, rudimentary PADD III inland that could never produce any marketable product), and the track record of its proposed parent, and its team, the illustrious Mad J. and his cohorts.
Obtaining project financing is not like "getting a loan." Not even remotely close or similar. Non-recourse project financing requires a credible structure (which MMEX can't muster), 20% private equity (i.e. real cash), and 80% debt (drawn in tranches). There is nothing about MMEX that suggests it is even on track to accomplish this. In fact, based on its own filings, (read the most recent 10-K) only preliminary discussions have taken place - despite the B.S. in MMEX's shareholder letter(s).
Buddy, I know people in the oil business and getting a loan or raising money isn’t as difficult as you think it is.
Selling the ideal of mailbox money is a lot easier then you think
When you are dead, you don't know that you are dead. It is difficult only for others. It is the same when you are stupid.
Recent MMEX News
- Form 8-K - Current report • Edgar (US Regulatory) • 02/05/2024 09:51:51 PM
- Form PRE 14C - Other preliminary information statements • Edgar (US Regulatory) • 01/08/2024 02:30:21 PM
- Form SC 13G - Statement of acquisition of beneficial ownership by individuals • Edgar (US Regulatory) • 01/03/2024 01:18:51 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 12/14/2023 03:11:12 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/06/2023 04:48:44 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/14/2023 06:42:49 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 09/11/2023 08:50:05 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/14/2023 01:30:20 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 07/17/2023 08:55:16 PM
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