I am sick about this. I visited these guys three times and posted photos here and talked to several happy employees. When i look back on my interaction with Jimmy Joslin i now know why he ran away. A hand shake and about 10 seconds of pleasantries and poof, he was gone like a fart in the wind. Apparently there was no upside to talking to a shareholder with what he knew was coming.
My take on this "deal."
Strip away all the moving parts and the bullshit and this is Bland making a $10 million play for the Series A-1 preferreds. And if anyone here believes that the $10 million is going to rig financing i have Arkansas swampland for sale. It is going into the pockets of the Big 4, Clayton, Joslin, Frazier, and Marshall. And just to clarify, Fluid End is Five Star and Ok Rig Fabricators. Along with Sixty Six, all 3 companies are in this deal. Frazier is 100% in and will see his salary double from $70k to $140K per year. He's as happy as a shit-swimming pig right now, and he is pretty much Sixty Six. What will be left is a shell. What is that worth? About $400K.... in total. That is what Sixty Six paid for their shell in early 2017. $400K in assumed debt.
Whoever owns the A-1's owns 665 Energy. Period. Bland wants them back. I have no f'ing idea what Ho is doing involved in this deal, but my guess is we will find out in due time that he may not be what we thought either. As CEO this guy PR'd that Bland would have no operational role with SSOF going forward. Oops. Now we find out he is hip deep in BlandLand with Clayton et al.
The value will be in our converted 10SN shares. Not sure everyone picked up on the fact that the Series A-1's under the 10SN deal will be the equivalent of 90% of the total common once converted, meaning the total common sold publicly will only account for 10% of 10SN, down from the current 20% with 665 Energy.
Anyone who bought shares in SSOF between August 29th, 2018 and today is, in my opinion, a victim of fraud in the inducement, the legal term for a type of fraud where misrepresentation causes one to enter into a transaction without accurately realizing the risks, duties, or obligations incurred. Basically you can't lie, bait & switch, or withhold critical information from someone who then buys your crap.
Clayton had almost 10 weeks to inform his primary stakeholders of his intention to enter into this deal, which, once brought to light, resulted in a massive downslide in the share price. I hope he has a good business insurance policy. I sure as hell wouldn't want to be the company that underwrote that policy. Looks like the only ones who will make money from here are the lawyers.
News 
Market Data 
Discover 
