OMDA Oil and Gas, Inc. (OOAG)

[dhwco]

Gatorelf - JW is correct. A corporation is a separate entity REGARDLESS of ownership. I own 100% of three corporations, I do it for liability concerns and have to be VERY careful with Company/Personal transactions. There are zillions of problems possible if you are not careful, in addition to the Tax problems as well as the liability issues. Someone can "pierce the corporate veil" if you are not careful.

(Which means, by the way, the Miles2K claim that AB is taking OMDA assets to pay for his criminal case makes him PERSONALLY liable to us if correct. And it would be correct on SEVERAL counts.)

A corporation CAN BE RAIDED by a 100% shareholder.

CASE 1: AEB approaches you for a $10K loan to his corp. promising it will pay you $20K a month later. He collateralizes it with all of the assets of his 100% owned corporation which consists of $200K of bonds in a separate company. You give the Co. a loan, he cashes out the bonds, and "pays himself" all of the proceeds PLUS your 10K loan, declares bankruptcy, and says tough luck to you.

Case 2: AEB approaches you for a $10K loan to his corp. promising it will pay you $20K a month later. He collateralizes it with all of the assets of his 100% owned corporation which consists of $200K of bonds in a separate company. You give the Co. a loan, the separate company goes down, the bonds default to zero value and the 10K is spent in the ordinary course of business (including his regular salary), and says tough luck to you.

In case 1 you can get your money back, in case 2 you can't. You HAVE TO ADMIT, that is a big difference.