Mulacek Shenanigans......The news release of Empire of 8/11/2020 states that PIE (owned by Phil Mulacek) and Mineral Resources (financed in 2016 by Phil Mulacek) bought 40% of Empire for $ 3,375 million and a loan of $ 2 million. So Empire which today has a market cap of $ 230 million owns only 60% of the properties? Energy Evolution Fund, owned by Mulacek, owns 20% of EMPR which means that Mulacek and his family members own over 40% of the outstanding shares of EMPR. With Mulacek on the Board now, doesn't this represent a conflict of interest? The purchase price of the Mulaceks was 50 cents per share. Most of the employees of Mulacek in the Houston office and in the Singapore office own shares at that price too and are all listed as "selling shareholders" in the shelf-filing. Are the employees bailing out? Is Mulacek telling them to sell? check the news release for "About Petroleum Independent, PIE LLC" containing multiple false statements. Mulacek first raised money from partners at $ 1, among them Nikiski Partners, in 1996. Then Interoil raised money in an IPO at $ 5 and the stock went down to 50 cents. Then it started rising and it did hit $ 109 for one day in 2013, before then crashing all the way back to $ 30. Interoil was then taken over by Exxon in 2017 (4 years later) at $ 50. Meanwhile, in early 2013 Mulacek was forced out as CEO by the Board of Interoil. His first partners, Nikiski, sued Mulacek for fraud and breach of fiduciary duty in 2009 and Mulacek settled the lawsuit in 2010 with total payments of over $ 50 million. Note that Interoil issued a news release saying that the lawsuit had nothing to do with Interoil itself. Only 3 months later Interoil announced that they paid $ 12 million for settling the lawsuit (that they had nothing to do with). No word about Mulacek himself having paid a large amount of money to the Plaintiffs to settle. Mulacek claims that Interoil's Antelope 2 well tested at 755 mcf, but in reality it was a still impressive 708 mcf. He also claims that Interoil found certified 10TCF of gas. Exxon in the takeover certified 7,2TCF. So is Empire now under Mulacek continuing the Interoil saga of issuing false and misleading news releases?
