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Re: Penny chatter post# 60062

Thursday, 10/18/2018 2:02:32 PM

Thursday, October 18, 2018 2:02:32 PM

Post# of 63186
Yes, it was a shell called Oceanic Research & Recovery. The ticker was ORRV. ORRV was a notorious marine salvage scam.

The ORRV shell was eventually abandoned by its management. It was highjacked by attorney Adam Tracy, who in little more than a year put together a stable of more than 60 dubious shells. Will McCusker, then CEO, began the process of buying the shell back in the fall of 2016. Tracy liked to drag these things out, so he could ask for endless additional fees. His transaction with McCusker wasn't completed till midsummer 2017.

And it was an enormous mess. Filings in Nevada were hopelessly screwed up. Finally it was more or less straightened out. In the meanwhile, McCusker and the company had vacated their Texas headquarters in the middle of the night, and Frank Hawley, who'd begun as an ordinary shareholder, had been named CEO by McCusker.

McCusker then filed for bankruptcy. His filings raise many questions. No doubt that's in part why Hawley would rather the name McCusker no longer be associated with the public company.