United Energy Corp (UNRG)

[DWillie]

I've done the research. Rafael Pinedo was CEO when Pilgrim was suspended by the SEC for accounting/disclosure issues. Smith took over as CEO after Pinedo was fired/resigned. There is nothing you can point to that happened since Sam took over that implicates him in any wrongdoing. The company just couldn't recover from the prior CEO's shenanigans, IMO.

Rigworx was not sold. (Its value is not known since it has been a private company. But if you say it's worthless, I'm inclined to disagree based on the 100+ land parcells he owns in OK and KS.) Rigworx merged into UNRG and then dissolved. Big difference from being sold since he was not compensated. United Energy is essentially Rigworx with a new name that is now a publicly trading corp. UNRG absorbed the existing shares of RGWX (privately held). That's what happens in a merger and is both normal and expected. Sam Smith was named CEO of UNRG the day Disanti was granted custodianship of the shell, for his client, Rigworx. He wasn't annointed. He was the CEO of Rigworx when he founded it in 2018 and still is CEO as it exists now as United Energy. The sole purpose he bought the shell was as a vehicle to take Rigworx public.

Nothing untoward here. Nothing out of the ordinary. He has not profited or diluted shareholders from the transaction as far as we know.

Now we wait for filings and see what this company is worth. If I'm guessing right, it's several hundred million on the low end.

Boom.