Empire Petroleum / 10Q / bizarre related party disclosure
See the 10Q out last week and look at the Related Party disclosure (below)
So Energy Evolution Fund (Mulacek controlled) owns 25% of Empire Petroleum (essentially its only investment, together with the EP Series A Preferred Stock which gives it 3 board seats). Then we have two board members of this Mulacek controlled fund who own another 19% of Empire Petroleum. This is besides all the other vast Mulacek family and friend ownership interests you can see on the roster. This company is owned and controlled by the Mulaceks lock, stock and barrel and a consequence has been the bizarre trading activity in recent years amongst all these people as the stock miraculously rose without trace. The idea that this board can police a guy like Mulacek who has spent his corporate life escaping international lawsuits is ridiculous…..and probably an academic question when this entire company is surely just the latest vehicle to enrich himself via the same misdeeds he has always used
“Note 13 – Related Party Transactions
The Fund is a related party of the Company as it beneficially owns approximately 25% of the Company’s outstanding shares of common stock as of June 30, 2022. Additionally, a board member of the Fund was appointed to the Company’s Board of Directors in October 2021 as the Board co-chairman. This Board member separately beneficially owns approximately 16% of the Company’s outstanding shares of common stock and held all outstanding shares of preferred stock at June 30, 2022. The Board member also is a majority owner of PIE. In October 2021 another board member of the Fund was appointed to the Company’s Board of Directors and has an ownership percentage of approximately 3%.”
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