Blast From the Past for LNG Firm
Today 1:02 PM ET (Dow Jones)Print
By Spencer Jakab
Outside of tech and cryptocurrencies, the next best place to earn overnight riches these days may be America's booming energy patch.
One company that hopes to make it big by developing a liquefied natural gas terminal along the Gulf Coast appears to have bought itself some karma, though it is hard to say if it is good or very, very bad. Delfin Midstream bought a piece of dot-com history to make future financing easier.
According to a securities filing, a little over 70% of the shares in Theglobe.com, which trades for pennies over the counter, were sold to the developer. Theglobe.com made headlines 20 years ago when it soared 600% on the day of its initial public offering, a record at the time and one of the signature moments of the dot-com boom. The company was virtually worthless just years later, but such corporate shells can be used in a reverse-merger as a shortcut to a stock market listing.
Delfin had better hope for more staying power the second time around.
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