Tri-Valley Corp (fka TVLYQ)

[Doodlebug]

Interesting reading --BK Court Docket #277 related Documents. Gamble invited to take the "hot seat". http://dm.epiq11.com/TVA/Docket#Debtors=4773&RelatedDocketId=&ds=true&maxPerPage=25&page=1

A snippet from #277 Main Document--


"Tri-Valley charged Opus $11.3 million in finder's fees, most of which
were paid to Behrooz Sarafraz, who was not a registered broker-dealer
and pled guilty in 2000 to a felony conviction for making a false
statement to the government during the course of an investigation.
Tri-Valley and the OSC agreed to credit Opus $6.3 million, plus remit to Opus the first $5 million of recoveries from those finders.
•
Tri-Valley overcharged Opus $13.2 million for certain turnkey drilling
services provided by Tri-Valley to Opus. Tri-Valley and the OSC
agreed that Tri-Valley would credit Opus $10.4 million.
•
Tri-Valley wrongfully charged Opus for certain Lease Acquisition
Costs, for which Tri-Valley was liable under the Partnership
Agreement. Tri-Valley agreed to credit Opus $7.5 million on account of the wrongful charges.
•
Tri-Valley's former CEO (Lyn Blystone) wrongfully permitted Mr.
Sarafraz, the main "finder" and an Opus partner, to withdraw over $1 million from Opus as a loan in violation of the Opus Partnership Agreement, which loan was never repaid. Because Tri-Valley was responsible for that transaction, Tri-Valley agreed with the OSC to credit Opus $1 million.
•
In addition, Tri-Valley wrongfully charged Opus for $2.6 million in legal fees for the defense of title to certain leases (the "ScholleLivingston Lease Dispute").
Altogether, Tri-Valley conceded to the OSC of having wrongfully charged Opus in excess of $30 million plus accrued interest. (See May Newsletter). During this period of time, Gamble served on the Board of Tri-Valley and either knew of, or should have known of, each of Tri-Valley's breaches."