Replies to post #3378 on Ignis Petroleum Group (IGPG)

[ghcnj]

It seems to me that the ex officers had a get out of jail free card which they played. The ex CEO Michael Piazza and his crew got IGPG involved with Cornell and also set themselves up with an agreement with Silver Point if they got fired. Well now we learned they exercised that agreement and are with Silver Point. Monergy and I had seen the filing but our concerns were just verified by IGPG in that last PR. If the new CEO Evett has anything new up his sleeve at this point we will just have to wait and see.

• if we fire or terminate our consulting relationships with Michael Piazza, Fred Stein or Eric Hanlon.


Posted by: monergy Date: Tuesday, October 21, 2008 11:42:14 PM
In reply to: trademonger2 who wrote msg# 3382 Post # of 3385

http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0001140361%2D07%2D019757%2Etxt&FilePath=%5C2007%5C10%5C16%5C&CoName=IGNIS+PETROLEUM+GROUP%2C+INC%2E&FormType=10KSB&RcvdDate=10%2F16%2F2007&pdf


Ignis Barnett Shale’s operating agreement also provides that Silver Point may remove us as a member and our interest in the joint venture will be forfeited if we provide them with “cause” or if we enter bankruptcy. Generally, Silver Point will have “cause” to remove us from the joint venture if:


• we or any of our officers or significant employees or consultants: (i) commits a felony or crime of moral turpitude; (ii) commits fraud, bad faith or gross negligence in performance of their duties to the joint venture; or (iii) commits a material breach of the joint venture agreement;

• we attempt to transfer out interest in the joint venture in violation of the operating agreement; or

• if we fire or terminate our consulting relationships with Michael Piazza, Fred Stein or Eric Hanlon.

[ghcnj]

You asked ...."Which ex officers have moved to Silver Point?"....It is in the last PR/filing.

http://ih.advfn.com/p.php?pid=nmona&cb=1224658735&article=28722482&symbol=NB%5EIGPG

During the first half of the fiscal year ended June 30, 2008, we were actively engaged in the day to day management of Ignis Barnett Shale, LLC, our joint venture with Silver Point Capital, LLC. On December 21, 2007, following the resignation of our Chief Executive Officer, Michael Piazza, we were removed as the day to day manager of the joint venture by Silver Point Capital and our services agreement with the joint venture was automatically terminated. Thereafter, the joint venture retained Mr. Piazza and other consultants of ours to work directly for the joint venture.