But keep in mind that AEXP had the original deal with the real (?) property lease owners, Westrock (who we need to do some DD on IMHO!!!
I have been digging back and reading today, and I find it most curious that the last 2 months of MNLU PRs and SEC filings make no mention of WHO they have this new deal with by name! Very odd IMHO, while the latest AEXP SEC report does go into detail as to who s..d us and how.
I for one would really like to know who owns Westrock, and whether or not there was a back door set up to s...w retail AEXP/MNLU investors in this deal...
From the AEXP Dec 21, 2011 8-K:
So what happened to the shares of AEXP that Westrock got in the earlier deal noted above? Were they dumped a week ago, and swapped for MNLU shares by Westrock at retail, before the news was released?
If yes, is that an SEC violation of insider trading rules? (I have no idea, as it is a bit more complex, that a simple MNLU or AEXP executive trading on inside news). In other words if I decide to do business with an buy IBM with a huge contract, and I start quitely buying up retail shares first (as Warren Buffet did recently, buying up cheap IBM shares), that is not inside trading in the early stages....
How solid is Westrock's control and ownership of the leases in the first place?
Westrock seems to hold all the cards (probably always did, in hindsight), as they seem to control the BP#1 well lease(s), and seem to be able to walk away with it and the core leases at any time if MNLU does not and can not raise the cash or JV deal needed, just like they sc...d AEXP share holders. Keep in mind the MNLU deal with Westrock is just a tentative deal in principle. I am sure now that Westrock will not close the deal until MNLU actually gets properly funded, and will walk away and let MNLU go BK if they are not successful in raising the cash or cutting a JV deal. What is to keep Guggenheim and Westrock from sc...w..g us all?
Also it was clear to me (from my recent chat with AEXP CEO, Steve Harding) that the MNLU / AEXP merger deal trapped AEXP management in such a way that they could not raise the cash needed to hold the Westrock BP #1 well in the BV location, with out violating the merger terms, so all MNLU had to do was wait for Westrock to call default on AEXP, and cut AEXP and AEXP shareholders out of the deal, and cut a new deal with MNLU at AEXP's expense!!!! Also, the JV deal did not give AEXP controlling interest any more in the well, even if they canceled the merger and tried to take the well and Westrock leases for their own.
Steve Harding, the AEXP CEO told me they were shopping the financing, and had it lined up, and were a day away from signing a deal in 2009 for their share of the 20% cash needed to fund the well, when the other party pulled the offer at the last minute. He says that is when things started to go down hill for AEXP. I don't know the time line yet, if that was before or after the merger deal was signed. But he also said the merger deal precluded them from being able to raise cash, or dilute shares, in order to raise the cash needed to pay and hold the Westrock leases on BV, specifically the BP#1 well...., so that makes me wonder if MNLU and Westrock (and others) were not somehow complicit in the back door deal, and theft of assets....If I am right, they may just do it again to MNLU shareholders next?
So the question I have is who owns and controls Westrock?
I have been digging back and reading today, and I find it most curious that the last 2 months of MNLU PRs and SEC filings make no mention of WHO they have this new deal with by name! Very odd IMHO, while the latest AEXP SEC report does go into detail as to who s..d us and how.
I for one would really like to know who owns Westrock, and whether or not there was a back door set up to s...w retail AEXP/MNLU investors in this deal...
From the AEXP Dec 21, 2011 8-K:
So what happened to the shares of AEXP that Westrock got in the earlier deal noted above? Were they dumped a week ago, and swapped for MNLU shares by Westrock at retail, before the news was released?
If yes, is that an SEC violation of insider trading rules? (I have no idea, as it is a bit more complex, that a simple MNLU or AEXP executive trading on inside news). In other words if I decide to do business with an buy IBM with a huge contract, and I start quitely buying up retail shares first (as Warren Buffet did recently, buying up cheap IBM shares), that is not inside trading in the early stages....
How solid is Westrock's control and ownership of the leases in the first place?
Westrock seems to hold all the cards (probably always did, in hindsight), as they seem to control the BP#1 well lease(s), and seem to be able to walk away with it and the core leases at any time if MNLU does not and can not raise the cash or JV deal needed, just like they sc...d AEXP share holders. Keep in mind the MNLU deal with Westrock is just a tentative deal in principle. I am sure now that Westrock will not close the deal until MNLU actually gets properly funded, and will walk away and let MNLU go BK if they are not successful in raising the cash or cutting a JV deal. What is to keep Guggenheim and Westrock from sc...w..g us all?
Also it was clear to me (from my recent chat with AEXP CEO, Steve Harding) that the MNLU / AEXP merger deal trapped AEXP management in such a way that they could not raise the cash needed to hold the Westrock BP #1 well in the BV location, with out violating the merger terms, so all MNLU had to do was wait for Westrock to call default on AEXP, and cut AEXP and AEXP shareholders out of the deal, and cut a new deal with MNLU at AEXP's expense!!!! Also, the JV deal did not give AEXP controlling interest any more in the well, even if they canceled the merger and tried to take the well and Westrock leases for their own.
Steve Harding, the AEXP CEO told me they were shopping the financing, and had it lined up, and were a day away from signing a deal in 2009 for their share of the 20% cash needed to fund the well, when the other party pulled the offer at the last minute. He says that is when things started to go down hill for AEXP. I don't know the time line yet, if that was before or after the merger deal was signed. But he also said the merger deal precluded them from being able to raise cash, or dilute shares, in order to raise the cash needed to pay and hold the Westrock leases on BV, specifically the BP#1 well...., so that makes me wonder if MNLU and Westrock (and others) were not somehow complicit in the back door deal, and theft of assets....If I am right, they may just do it again to MNLU shareholders next?
So the question I have is who owns and controls Westrock?
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