Pilgrim Petroleum Corp. (PGPM)

[PAI]

He told me a few things via email a couple of weeks ago.

First, he hasn't gotten paid one penny yet for what he has done. He also has not received the 10 million shares he was promised.
Second, the Russian deal is still being decided on by the Russians. ACLY is waiting for an answer and a decision cannot be forced obviously...not sure why it is taking so long.
And finally, Matt was expecting the Russian deal to be way over by now and ACLY sitting above a buck and that he would sell some (or all) of the 200K shares of ACLY that PGPM has so he can move forward with this company (or at least try with some money in hand). That obviously hasn't happened and obviously his plans hasn't panned out because of that.

He told ACLY a few months ago to get off their behinds and get the financials up to date but they didn't seem to care I guess.

He also sold some misc. items for a few grand to keep the lights on here. He also put some of his own money into the company just to keep it running so he will be out of that as well if things don't pan out. He also stated to me that he has been actively seeking consulting gigs but Pilgrim’s low credit score and D&B score have adversely affected this endeavor.

He stated to me that he does have a few strategic plans if the Russian deal falls through but if he keeps running into roadblocks he will resign at some point and take his loses.


Having said all that I personally feel for the guy and for my own loses and anyone else that lost money in this stock. However, I personally don't think he is a crook.

I will leave it at that and see what happens.