Kentucky Energy (fka QMIN)

[grapeman]

This thing a scam always to line EC's pockets - it has been cooked since 2010.
<<Alleged Default under Exit Facility. On June 14, 2010, Interstellar Holdings, LLC, the Company’s secured lender under the exit facility, delivered a notice of default relating to that certain Loan and Security Agreement dated March 8, 2010 by and among Gwenco, Inc., Interstellar Holdings, Inc., Kentucky Energy, Inc. and Quest Minerals & Mining Ltd. Under the notice, Interstellar alleged an Event of Default under the Loan Agreement occurred and was continuing pursuant to Section 8.21 thereunder as Interstellar allegedly deemed itself “insecure” under the Loan Agreement. The Company denied Interstellar’s allegation of an Event of Default under the Loan Agreement and contend that no such Event of Default under the Loan Agreement has occurred or is continuing. On June 17, 2010, Gwenco and Interstellar entered into an agreement pursuant to which, among other things, Interstellar agreed to forbear under the Loan Agreement for a period of 90 days. The Company continues to contend that no default under the exit facility has occurred.

On November 4, 2010, Interstellar delivered another notice of default relating to the Loan and Security Agreement, realleging that an Event of Default under Loan Agreement occurred and was continuing. The Company denies the allegations under all notices of an Event of Default under the Loan Agreement and contend that no such Event of Default under the Loan Agreement has occurred or is continuing. The Company continues to contend that no default under the exit facility has occurred. To date, Interstellar has not commenced any legal proceedings against the Company. Due At this time, the Company is unable to provide an opinion as to the likelihood of its outcome.


Read more: http://www.faqs.org/sec-filings/110523/Quest-Minerals-and-Mining-Corp_10-Q/#ixzz1ZsFveK6D>>;