So how real a 'company' is Empire Petroleum? Well yesterday 100 shares traded at 2.77 and right after just 4,500 shares of selling tanked the stock down to 2.27. I.e. just over $10k of selling tanked this stock 50 cents - almost 20% - and wiped almost $40m off the market cap in a split second. This before the people behind this operation gathered the troops and managed to cover up the damage the 'real' seller had done by buying it back up to close at $2.95. Even the pump n' dumpers in Belize dont let themselves look quite this obvious. Dont let us wake you up there SEC....All of this consistent with a company held by friends, family, fools and/or their (generally offshore) nominees in a tight knit group controlled by the Mulaceks
But this is only half of the scheme. The other half is the Energy Evolution Fund in Texas controlled by Phil's son Sterling. This has the vast majority of its capital deployed in Empire Petroleum, with Phil contributing much of its Empire Holdings in in-kind subscriptions (nice way tfor him to exit this dog without having to sell it in the open market like the poor sap did yesterday heh). As Empire Petroleum share price is moved up it generates 'performance' in this fund they hope will let them raise money into it to keep the whole charade alive and let them take real cash out.
Remember also that the Cayman Islands Fund has a feeder fund in USA which purports to channel investors funds to the Caymans where there is no regulatory oversight and that Fund can make any investment its managers want. And they are Sterling Mulacek and Marc Vinson who allegedly did a $ 350 million farm out deal but no details are released. Highly suspect. Phil Mulacek assigned all these EMPR positions to the Fund to help out Sterling and Marc whose investments clearly did not live up to expectations. That's why Phil needs to desperately hold up the price of EMPR. If Energy Evolution Fund ever had redemptions and had to sell EMPR securities this stock would of course collapse.
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