Blue Dolphin Energy Company (BDCO)

[56Chevy]

Current Report Filing (8-k)

Date : 11/23/2018 @ 4:48PM
Source : Edgar (US Regulatory)
Stock : Blue Dolphin Energy Co. (QX) (BDCO)
Quote : $1.09 0.0 (0.00%) @ 8:15AM

[....]

On November 15, 2018, the Lazarus Parties and GEL entered into a Second Amendment to the Settlement Agreement (the “Second Amendment”). The Second Amendment (i) extended the Settlement Payment Deadline from December 31, 2018 to January 31, 2019 (unless extended in writing by GEL) and (ii) extended the dates for achievement of certain milestones related to the Settlement Financing.

Blue Dolphin can provide no assurance that the conditions to the consummation of the Settlement will be met. If any of the conditions are not met or the Settlement Agreement is terminated, GEL may seek to enforce the final award in the arbitration proceedings against the Lazarus Parties, in which case, Blue Dolphin and its affiliates would likely be required to seek protection under bankruptcy laws.

The foregoing description of the terms of the Second Amendment does not purport to be complete and is qualified in its entirety by reference to the Second Amendment, which has been filed as Exhibit 10.1 to this Current Report on Form 8-K.

Item 5.02. Departure of Directors or Certain Officers

On November 23, 2018, Mr. Tommy L. Byrd notified Blue Dolphin that he intends to resign as Chief Financial Officer of Blue Dolphin, effective December 31, 2018. Blue Dolphin will conduct a search for a Chief Financial Officer and name a successor or interim Chief Financial Officer prior to Mr. Byrd’s departure.

https://ih.advfn.com/p.php?pid=nmona&article=78751774

* It always makes me nervous and highly suspicious when I see Directors and or Officers suddenly leave a financially troubled company. That goes double when it's the CFO and no explanations of why or under what circumstances the resignation was put forth. People don't just up and quit going into the Christmas Holiday season...and if it was a retirement it would have been announced with more than a month's notice to allow ample time to find a replacement. This was not at all what I was hoping to see as we approached the deadlines for the [GEL] $10M settlement solution.