See my two previous emails August 10, 2013. Was Sonata a legitimate investor or were they connected? Sonata ended up with 2/3rds of Daleco Resources Corp (AS AN ASSIGNMENT - NOT SALE) producing oil & gas wells in Texas in fiscal year of 2006. Was Sonata aware that Sustainable Forest Industries, Inc. of Delaware was controlled by the Long Island, New York affiliates of Daleco Resources Corporation?
So, Sonata ends up paying, in fiscal year 2004, Heller Financial, Inc. $605,000 for Daleco's below described loan, AND GETS ASSIGNED 2/3rds of Daleco Resources Corp producing gas & oil properties in Texas in June of 2006 even though the amended Heller Loan that Sonata bought in fiscal 2004 was paid off by Daleco in June of 2006!
Marv Eatinger
======================================
10QSB Documents Optional form for quarterly and transition reports of small business issuers
Acc-no: 0000950116-98-001169 Size: 72 KB 1998-05-15
During the fourth quarter of fiscal 1997, the
Company entered into an arrangement with Heller
Financial, Inc. ("Heller") whereby Heller has
agreed to provide the Company with up to
$15,000,000 to rework existing horizontal wells,
recomplete its vertical wells as horizontal wells,
and develop additional acreage. This facility was
increased to $19 million in March 1998 to
accomodate the purchae of additional properties
(see note 16). Under the terms of the agreement,
all of the properties of Westlands were transferred
to a newly formed Limited Partnership, Tri-Coastal
Energy, L.P., the general partner of which is
Tri-Coastal Energy, Inc., ("Tri-Coastal") and the
sole limited partner of which is Westlands.
Westlands is also the sole shareholder of
Tri-Coastal. The amount outstanding under this
arrangement as of March 31, 1998 was $5,154,783.
Interest on the borrowings is at prime plus 2%.
Principal is paid out of 85% of the net cash flow
from the properties. Additional interest is payable
from 50% of the net cash flow from these properties
after the payment of principal.
b. Sonata Investment Company, LTD.
During the third quarter of fiscal 1997,
Sustainable entered into a loan agreement with
Sonata Investment Company, LTD. for $250,000, which
remains outstanding as of March 31, 1998.
Sustainable has the right to request an additional
$250,000 prior to December 31, 1999. The Company
and Westlands are guarantors of the loan with
Westlands (now Tri-Coastal Energy, L.P.) wells
being pledged as collateral, subordinated to the
Heller Financing. The loan is to be repaid out of
25% of Sustainable's net cash flow with any
remaining balance due by December 31, 1999.
Interest is at 12%. In addition, Sonata will
receive a profit's participation of 25% of the net
profits of Sustainable while the loan is
outstanding and 20% after the loan is repaid
("after payout"). Should Sustainable request the
additional $250,000 from Sonata and should Sonata
elect not to make said advance, then the after
payout rate reduces from 20% to 15%.
=========================================
DALECO RESOURCES CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2006 AND 2005
Debt of the Company consists of the following:
a. SONATA/HELLER LOAN
On December 31, 2003, Sonata acquired the Heller Loan from Heller
Financial, Inc., for $605,000. Tri-Coastal made a principal reduction payment of
$23,298 to Sonata on December 31, 2003. This payment was consistent with the
provisions of both the Heller Loan and the Sonata Loan and was made in the
ordinary course.
The Sonata Loan Agreement provides that the Heller Loan: was reduced to a
three (3) year loan in the principal amount of $655,000 plus interest at the
prime rates, to move, as established by the National City Bank, Columbus, Ohio,
plus three-percent ("Sonata Loan"). The Sonata Loan was fully satisfied on June
8, 2006.
AI
