Pilgrim Petroleum Corp. (PGPM)

[awesomebummer]

OK, sounds mighty fine, but...


(1)...how many shares of ACLY will there be if they "recapitalize?" (in other words, these shares would be diluted). Or, are they intending to NOT add ACLY shares? or, will there be a capitalized affiliate for the Russian venture (with its own shares instead), or both?

(2) You indicate this only affects the "note." Does Pilgrim currently own 10% of ACLY's common stock, and does American Petroleum currently own 10% of ACLY's common stock?

If one or both is true, why not pass these new ACLY convertible preferred shares on to PGPM shareholders?

(3) Could you clarify what this means: "Pushing for Board position ACLY to monitor Pilgrim's investment." If PGPM owns 20% of ACLY, why insn't there representation now? Or, do you mean YOU want to sit on ACLY's board? (which should have happened before).