Monday, June 06, 2011 10:33:46 PM
We have conversed about ERFW, off and on, for a few years now. A long time ago we agreed to disagree about ERFW. You know my position on ERFW and I presume to know yours. One thing that has puzzled me greatly, though, is your quiescence vis-a-vis the SLB issue. That is, you were ecstatic when the ERFW/SLB agreements were announced. I was, you'll recall, skeptical. I couldn't figure out how ERFW would be able to execute the agreements, given the Company's limited resources. Nevertheless, I must say, you almost convinced me that I was wrong and that the SLB Agreements were ERFW's salvation. Indeed, as I'm sure that you vividly remember, DC proclaimed during the 2009 investor call that the SLB Agreements would produce $100 million in revenues to ERFW. Do you remember that we argued about this figure at the time? I thought that DC was way off and estimated that the Agreements were worth something like $5M to $10M, at most. You accepted DC's $100M number as gospel, and even stated that you thought it was too low. (If I'm wrong about the immediately preceding statement, please correct me.)
Now here is why I am puzzled. I observed that when ERFW finally admitted that it had a problem with the SLB Agreements over a monetary dispute, neither you, nor any other hardcore SLB supporters seemed to be bothered in the least. That is, why weren't you upset, indeed, very upset with ERFW for blowing the SLB partnership? Why didn't you call DC "on the carpet" to explain how this could have happened? I certainly would have and here's why - because SLB is a reputable company, an industry leader with billions in revenues, who could and would have easily paid ERFW any monies owed under the agreements if ERFW had performed as promised. Doesn't DC have some explaining to do? If not, why not?
To go from $100 million in revenues to no revenues (according to a post by MBD on this board) and instead, binding arbitration, screams for an explanation. Look, you and I both know that if you want to be a player in the O&G field, you don't go about it by immediately pissing off one of the industry leaders (SLB). Why are you not upset by ERFW's having screwed the pooch with respect to SLB?
-Bert
Glidelogic Corp. Becomes TikTok Shop Partner, Opening a New Chapter in E-commerce Services • GDLG • Jul 5, 2024 7:09 AM
Freedom Holdings Corporate Update; Announces Management Has Signed Letter of Intent • FHLD • Jul 3, 2024 9:00 AM
EWRC's 21 Moves Gaming Studios Moves to SONY Pictures Studios and Green Lights Development of a Third Upcoming Game • EWRC • Jul 2, 2024 8:00 AM
BNCM and DELEX Healthcare Group Announce Strategic Merger to Drive Expansion and Growth • BNCM • Jul 2, 2024 7:19 AM
NUBURU Announces Upcoming TV Interview Featuring CEO Brian Knaley on Fox Business, Bloomberg TV, and Newsmax TV as Sponsored Programming • BURU • Jul 1, 2024 1:57 PM
Mass Megawatts Announces $220,500 Debt Cancellation Agreement to Improve Financing and Sales of a New Product to be Announced on July 11 • MMMW • Jun 28, 2024 7:30 AM