I just have one question. ?
With all the lawsuits, disgruntled employees, non-payment of bills, foreclosures and on and on and on.
Has anybody stopped to ask.
Where all of the money "WENT" ?
Well ?
"A little snippit"
Defendant Attorneys
Phoenix Associates Land Syndicate
B/S INCORP SERVICES INC.
3155 E. PATRICK LN #1
BS incorp "Gotta love it "
David Bolton, the principals of the companies we have acquired, to our highly qualified executive leadership team, now that these acquisitions are closed. Mr. Henley will oversee all operation of the three companies and David Bolton will oversee the daily operations of Ideal Energy, the directional drilling company."
Related Results
Phoenix Associates Acquires Three Texas-Based Oilfield Companies Mr. Alonzo added, "The acquisition of these three companies is confirmation that we are continuing to implement our plans to grow our company through strategic acquisitions. These three companies are providers of much needed services to the oil exploration field and will contribute to the strength of our Phoenix Oil and Gas Division. We believe that these new business units will be quickly integrated into the Phoenix family of companies and contribute revenues of about $11 million in 2006 with operating profits of approximately $2 million."
The Company has indicated that the total purchased price of the three companies was set at $4.125 million, structured as follows: $1.25 million in cash, 2.5 million shares of restricted common stock of the Company at $0.05 per share, and 275,000 shares of PBLS preferred stock at a par value of $10.00 per share, paying a 6% annual dividend, to be paid quarterly. The holders of the preferred have the right to put any portion of the preferred back to the Company at any time after 60 months for cash. The stockholders may also elect to hold the preferred stock forever if they wish and thus keep receiving quarterly dividends as long as they hold the stock. In addition, both Mr. Bolton and Mr. Henley have entered into five year employment agreements with the Company.
