Blue Dolphin Energy Company (BDCO)

[Enterprising Investor]

Received several PMs on Blue Dolphin the past two days.

I have been following this company since 2013 and have always liked the assets. However, I do have deep concerns about the current financial condition.

Several loans are in default and listed as current liabilities. Vertex has a first priority lien on the Nixon facility’s business assets. It is a USDA guaranteed loan. No banker wants to seize a refinery, take over operations and then sell it. I think the lenders will continue to provide a long leash.

Carroll needs to find a way to produce positive cash flow month in, month out and quickly. I want him to succeed. I know what needs to be done to fix this situation, but he will never give up control to achieve the result.