middy, that was an excellent summary of PN's poor negotiations skills. Although the company acquired lots of oil rights for little or no upfront money, PN fails to do anything productive with these rights. Althought maybe these rights weren't worth much in the first place, PN sure did create any wealth from them after years of trying. Maybe the true value of these assets is finally being realized, I.e. ERHC assets are not worth much. Then throw the debts owed and the IRS liens and it is very clear the company is headed for bankruptcy.
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