Since Pierce holds MNLU senior secured debt still (1.5 million dollars IIRC?) he could force a Chapter 11 show down, call the note, and wipe out existing share holders by issuing 95% share dilution to convert debt to shares in BK, wipe out the unsecured creditors, and start the whole penny game all over, possibly after a R/S.
If as we have been told, Brent Pierce is the money behind Westrock and Garry Powers, then it makes no real difference asset wise, if they wipe out existing shareholders and get a fresh start, or get MNLU funded and the well completed (IF Brent Pierce does still own 20% of MNLU that is!!!!!??????). The question right now IMHO is how long can they stall the state of Miss with out completing the well, while they wait for NG prices to rebound and funding to drop in from left field? Right now there is no economic value to outside investors in funding MNLU with the cash needed to finish the well and pay off the debts needed to make MNLU a safe partner to trust as the major partner, and I suspect Garry powers and Brent Pierce would rather let MNLU go BK, and keep the leases and well 100% in their Westrock asset stash, than sell controlling interest to outside investors at today's price of NG Which leave Westrock Brent Pierce with very little right now). The difference between $3 gas and $4-5 gas is huge, as it is at best break even at around $3 gas, but a huge profit margin at $5 N. gas. So the real value is future value and current value is just not their with the cost of these ultra deep wells, and the added cost to build the infrastructure and pipeline needed to get this gas to market, thus we sit and wait. :(
Ambition with out knowledge is like ship in dry dock. Going nowhere fast!
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