Odd you would say that, but....
Two unknowns here:
(1) Who knows how many shares are controlled by the current BOD, including all the Lanzas, from Joe to Janyne, to Mario, to the grandkiddies, on down? Is it more than enough? (better yet, who knows how many shares are currently outstanding?)
(2) Does anyone know that the M&B audit will be an SEC compliant audit? Or, will it be a simple, routine audit review of operational numbers as provided by BD - with office receipts as evidenciary material.
An SEC compliant audit is both extensive and expensive. Of course, no one bothered to ask Barry M (CFO) which type of audit M&B was conducting.....Oh wait! Lou, Ed, and I did when we met Barry for lunch. I believe his response was, "No."
Some time later he posted here that we should understand the reason(s) why Lanza did NOT want an audit to go forward - and ask Lanza why he refused to pay for it.
I beleive Barry M also stated, at the time of his resignation, that he could no longer trust BD's management to do the right thing, nor could he expect any production numbers stated by the company to be true. I wonder what Mr. Zorne (CFO) would reply to those same questions today.
Knowing the answers to either of these two questions will go a long way in understanding 'what is what'.
But, even forgetting ALL of that, who can verify what the prior month's production numbers were for BD? And, more importantly, how much revenue (ie % of that production) did BD receive from that production.
Are the 1,000 stripper wells worth anything or were they simply fodder for Lanza to promote his fraudulent scheme?
Even that aside, we know suitors are interested in BD's DEEP Drilling rights...that may well be where the growth in production and Profits will come from.
Can new technology be utilized to extract additional oil from any/many/most of the stripper wells as suggested?
Lots and lots of unanswered questions.
-If an audit reveals past malfeasance - no surprise to any of us.
-I an audit reveals past production well below stated numbers in BD past Press Releases - No surprise there.
-If an audit reveals discrepancy after discrepancy in stated data versus actual - No surprise there.
-If the audit reveals a Lanza cash cow or two or three for his other companies (Four Star, Petrol, etc, etc) - No surprise there.
Given that, of what import is the audit of 2005 and 2006 to anyone? Eh? Think about that for a minute or two -
Now, how about current production -
How about current cash flow status -
How about the installation of efficient operations and the end of Lanza cash cows -
How about the end of nepotism and the implemplementation of cost controls, including realistic pay for defined services - How about the things that are far more important than 2005 and 2006 numbers -
Methinks we all know what has occured in the recent past, and we are all screaming for updates on today's events.
When we see those updates, we can absolutely forget about the past crap from RM & JL and look forward to tomorrow. None of that prior garbage will mean anything (excepting lawsuits and criminal charges).
Reminds me of a bank being embezzled by one of its employees. The bank would rather eat the loss and terminate the employee quietly, than embarass the bank, lose reputation, and risk losing customers. Heck, a bank would likely give the employee a great reference and hope he goes to work for a competitor of theirs. BD is clearly better off without RM & the L's. The lack of any embarassing headline will help them secure future funding and attract moralistic employees, not to mention running the risk of losing investor confidence.
Everything I see from here on out has no resemblance to the L Regime and past fraudulent activities.
BTW, not that it matters, I have learned nothing to suggest that Joe Lanza is not a good family man. Lou did get that right!
Happy Wednesday!
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