United States Oil and Gas Corp (fka USOG)

[der_deutschetrader]

he's in the driver's seat

I thought he would call a default take over and have a public company

and keep his original asset at the same time

he didn't - now the stock is watered down to nothing

if I were him I'd take over - call a board meeting (he's got 500 mil shs ) and vote to get rid of management -

do a reverse - convert his note to stock-

he have essentially a debt free company and can use new stock as currency to make new acquisitiions

as long as this co has negative working capital and negative shareholder equity (they are insolvent) they can never raise cash