"Silver Point removed the operating contract from him because they had no confidence in his ability to perform given that he has no oil operating experience like the team he ran off."
This is not a true statement - Ignis lost the LLC agreement because Piazza secured his retention by Silver Point if in fact he lost his position with Ignis.
If you dont believe me ask ghcnj - I shared the information with him that I found in a filing.
Im not going to waste my time on this issue with you because I simply dont care. I finished dumping today and I really dont give a shit what happens anymore.
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.
Market Data 
Markets 
AI
