Ignis Petroleum Group (IGPG)

[True Blue]

http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0001140361%2D07%2D019757%2Etxt&FilePath=%5C2007%5C10%5C16%5C&CoName=IGNIS+PETROLEUM+GROUP%2C+INC%2E&FormType=10KSB&RcvdDate=10%2F16%2F2007&pdf


Ignis Barnett Shale’s operating agreement also provides that Silver Point may remove us as a member and our interest in the joint venture will be forfeited if we provide them with “cause” or if we enter bankruptcy. Generally, Silver Point will have “cause” to remove us from the joint venture if:


• we or any of our officers or significant employees or consultants: (i) commits a felony or crime of moral turpitude; (ii) commits fraud, bad faith or gross negligence in performance of their duties to the joint venture; or (iii) commits a material breach of the joint venture agreement;



• we attempt to transfer out interest in the joint venture in violation of the operating agreement; or



• if we fire or terminate our consulting relationships with Michael Piazza, Fred Stein or Eric Hanlon.

Seems your reading retention is poor.