Replies to post #66464 on Sixty Six Oilfield Services Inc (SSOF)

[wadirum1]

You are correct. The Five Star purchase occurred using the same A-1s that nobody here (except Soos and War) seem to be able to understand.

Bland held the A-1s. He bought 66 in exchange for the A-1s. Then that deal was rescinded, with the 66 owners giving back the A-1s and withdrawing the 66 assets and all from SSOF.

The A-1s then were used to buy Five Star. And if the Five Star deal gets rescinded -- which has been the pattern here (over and over and over) -- then Clayton would give back the A-1s in exchange for withdrawing all of Five Star from SSOF. SSOF would revert to being a shell, and I guess Bland or the note holders for the debt (if different from Bland) would end up with the A-1s again.

These things can happen without pubic shareholders having any say, because of how the voting power is concentrated.

And then there is the debt. People here keep saying there is no debt. Is the Soos the only person who knows what a balance sheet is? Seriously. This is getting embarrassing. There's $1.6M sitting right there in plain sight.

Yes, there is no more convertible debt at the moment. But who is holding this $1.6M in debt? Why is it there -- as in did SSOF actually get this money and what was it used for? What are the chances that there is yet another in an unending stream of debt conversions through legal settlements that result in 100M more shares being issued to retire some tiny portion of this debt? Will SSOF continue the ways of PROW/MBHC/MMHC? And why does SSOF have the same attorney as in all these prior incarnations? When has anyone ever heard of all sides in a complicated series of transactions all having the same attorney whether they are buying or selling their assets into this shell?

And here's another question I think people here might want to know the answer to: Why on earth would Clayton have been willing to give up all of Five Star's assets in exchange for some A-1 shares in a company with $1.6M in debt ON THE BOOKS? What on earth did he gain? I say that the ONLY way this makes sense is if this is yet another temporary deal that will eventually be rescinded.

Wadi