I don't think so. I think it is/was a deliberately operated scam stock that "they" blew up, hoping it and the investors would just slink off licking their wounds when it evaporated.
That might have happened if we hadn't found the White/NAFG contact info listed on the leases in Kentucky... and proved through the State of Kentucky oil and gas office that the leases and wells were real, that the state inspectors had verified a completed gas well with good pressures waiting to be tied in to the gas line...
The scam was not that the assets didn't exist... but was that they operated the stock as a scam, then flat out stole the assets from the shareholders who paid for them.
It appears there are clear indications of that purpose form the start, in the fraud related to the shares being traded using a permanently de-registered shell... "Sport of Kings" ...which was a formerly mob operated scam.
I think they pre-planned and even counted on the SEC pulling the plug on them, FOR them, obviously having put that obvious problem there on purpose, to help them get away with it... basically knowingly using the operation of the legal process the SEC conducts to complete the scam... I bet they reported themselves anonymously in order to have the SEC act to halt trading... counting on combination of inaction and a lack of transparency from the agency.
I think there are likely MAJOR unanswered questions about how that fraud was first made possible... and liability tied to the problem with the failure of the system to prevent it from occurring. SOMEONE (a market maker) had to vouch for this in the first place to get it listed ??? SOMEONE had to sign all the papers to get the ticker/cusip... probably the lawyer... but, of course, he was working for "someone else"... etc.
I expect you don't get all the right answers without deposing the lawyers, White, Pagnum, the market makers, the guys who sold the shell, the guys who issued them the ticker/cusip...
I think it likely there will be lengthy periods in which we will not hear anything...
I also continue to think it will be useful to continue to pursue private legal action, but, I'd prefer to see that the legal system works properly, too... If you haven't done so, yet, you should at a minimum contact your state securities regulators, and it won't hurt to call and chat with your Senators and Congress critters... particularly in regard to the concerns with the operations of the SEC... as well as the authorities in Texas, Kentucky, Nevada where the fraud was conducted... etc.
You should be aware that J.A. White, responsible for putting this together, has a prior for oil related securities fraud in Oklahoma, also operates other companies, including MGWSF and EGYF, perhaps others by now... ???
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