I spoke with an attorney last night. Known him for many years, he has done work for me personally and for my business, and he has extensive experience in securities law.
First, a class action lawsuit will not work. FECOF is traded freely on a market and one should not buy shares if they do not understand the risk. Moreover FECOF is current with their filings and have disclosed everything that needs to be disclosed.
Second, we are fortunate at this moment in time because FECOF has one asset. All other assets have been written down to $0 on the balance sheet. Why does that make us fortunate? Because 1) PXP sets a value for its ownership in our only asset 2) PXP sets a value for its ownership in FECOF (us) 3) PXP is publicly traded.
Check out these numbers:
-At 12/31/17, page 41 of the PXP audited financials:
--ownership in FECOF (55%) is valued at $330,980
--ownership in FEL (72%) is valued at $19,001,862
--ownership in FECOF (55%) = 3.74% ownership in FEL (55%*6.8)
Therefore the AUDITED FINANCIALS have the FECOF shares of FEL valued at $88,497 and the PXP shares of FEL valued at $263,914. That's simply inaccurate accounting.
Third, if you don't follow my model please let me know how I can explain more. It's quite good in my view. Take a look at the 60/40 law again.
Here is the upshot: the only way we can truly see value here is to let PXP management know we are watching. In addition, we need to share with Friends, Family, Message Boards, etc. that FECOF has value.
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