Is this the first time they have used the word recission to explain what happened with Five Star? People should learn that word, because it is likely (based on track record) to happen again.
The debt is essentially all gone. Now the question is: when will it come back? To keep up past practice, they need some debt in order to have a legal settlement whereby they issue new freely-trading shares.
“”or a new to be named division under Six Six Five Energy, Inc. “
Finally, the exchange acquisition agreement provided that the corporate name of Sixty Six Oilfield Services, Inc. be change to Six Six Five Energy, Inc. to better reflect the expanded business focus of the parent company from only drill pipe and pipe supply sales to general drilling, rig and oil field