a repost for camera
Posted by: tchauncy
In reply to: cameraturret who wrote msg# 3244 Date:2/15/2007 9:12:25 AM
Post #of 3247
cameraturret- Well that shows how little you know about the suit. I have read hundreds of pages of court documents on this case and I can tell you that BDGR, thanks to the stupidity of your Management team did in fact bring BDGR right into the heart of this case.
You are correct in that BDGR was not a part of the Original case, because at the time of the first filing, Lanza, Michaels, etc. had not yet transferred the Woolridge Caddo assets into BDGR at that time. Lanza had them in Omda Oil and Gas Management Inc.One of three OMDA subsidiaries that Lanza Formed in OMOG when he was running it. The other two were Omda Oil and Gas Services, Inc and SHWJ, Inc. What he did back at the genisis of these three companies was to put them into at Trust "For the Benefit of Omda Oil and Gas Inc." (OMOG). He then acquired the aforementioned properties around April of '03 from Wooldridge, (an unrelated company that he was part owner in at that time) and put them into OMDA O&G Management. He then PR'ed this acquisition for OMOG. Which he in turn used the excitement in OMOG stock to raise more money. Apparently what his plan was, was to later take over the three subs in lieu of some mystical debt that he claimed, (but to date has never been able to prove) was owed to him by OMOG at the time he lost control to Barnett. This might have worked had he not made one major screw-up. He forgot to collapse the trust prior to losing control of the Company. So typical to most scam artists, he then tried to cover this screwup by getting the trustee's to "sign over" the trust to him in Nov. 2004 signing and then he back dating the document. He did get them to sign the document to in 2004, but one of them realized shortly after he signed the document, that Lanza was not, and had not been in control of OMOG for more than a year. Plus he did not know that Lanza was going to alter the document by back dating it. So he blew the whistle to OMOG's counsel in mid 2005 of this situation.
With this background, I now must add that it was incredulous to OMOG's counsel that in spite of he knowing at that time that he most likely was going to lose these assets, he still managed to get Michaels (who was one of Lanza's personal attorneys for several years prior, and already named in this case, to then take in those assets in BDGR. Now ask yourself. Why would he do that? Could it be that maybe he knows enough about the snails speed of the court system to bet that he could take in these assets first, quickly leverage them into a higher priced BDGR stock to then raise more money for BDGR and acquire more properties? If that was his reason, I would say that he did that very well by snookering innocent shareholders to do just what he wanted.
Now do you think that BDGR is still not involved? OK, so you might say that if OMOG gets those properties back, that still leaves BDGR with the additional assets they leveraged from the original OMOG assets. Maybe, Maybe not. If this case ends up going before a jury, there is an excellent chance that BDGR could lose ALL of the subsequent assets they purchased by leveraging those original mis-appropriated assets. Similar to the old law school story of the employee who steal 100 from his employer, goes to Vegas and wins a million dollar jackpot. The employer ended up getting the million. Oh, BTW, if that name Wooldridge sound recently familiar to you, it is the name that your CEO Michaels attached to the properties that he announced was exchanged for the convertible debt last week. So what should we speculate? Did he take them out of the Company thinking that this might help BDGR escape the wrath of this case? Who held that note? Wanna bet it was Lanza? Wanna bet that this trick not only will not work, but end up totally backfiring on BDGR by now showing the court that your band of thieves management will do anything to keep their fraud going?
I don't know for sure what happened in the court room yesterday, but if I were you I would keep my eye on the court website. I suspect BDGR et. al. did not have a good day.
Now you know a "little" more about the case.
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