Friday, July 13, 2012 2:21:26 PM
there's of course good news and bad news. i'm cutting out any of the BS...
on the GOOD front:
1) Wilmot's back is to the wall. 99.9% sure r/m will occur.
2) Wilmot will NOT be involved in the "new co."
3) only choices were BK or r/m. since Wilcot is also a shareholder, this is the only way for ole Willy to have a chance for any kind of return.
4) TEC report DOES exist. Barwicki has a copy. BUT, this is considered to have no value (he feels) since there's been no production and Willy couldn't get anyone to produce. (that's also a good negotiating tool, imo)
5) the "new co." WILL be a going concern WITH a product.
6) without the r/m shareholders would get ZERO as it'd be BK.
7) Barwicki says he's buying for the symbol value only, to get on the market, etc.
8) THEY ARE SUPPOSED TO SIGN AGREEMENT NEXT WEEK.
9) THERE WILL BE A CONFERENCE CALL ANNOUNCED FOR SHAREHOLDER QUESTIONS after the agreement is signed. (FYI: remember he's a NYC wall streeter re: personality)
10) he represents 84 companies and knows many, many investors, venture caps., Etc.
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on the NOT so good side...
1) FYI, Barwicki HATES message boards, etc. (man, he THINKS we believe everything we read on mb's)
2) Wilmot does NOT own the property, only 73% of any rights to oil. AND he has to produce oil. if not, the property reverts back to the Siler family.
3) EGOH has an upside down balance sheet, which most of us know.
4) we don't know what the product is OR it's value. but mentioned it'll be worth more than what u have now if u know what i mean.
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SO, the bottom line is we r lucky to have ANY opportunity for a chance at getting something in return.
if Wilmot wasn't a shareholder we'd REALLY be screwed!
pretty much what i (most of us?) thought, overall.
i'll following up if i think of anything.
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