Again thanks for posting the obvious.
What I think we have all missed is that Evett and Leopard were the controlling vote board members (and still are) at the time Ignis entered into the the agreements with Cornell, with Silver Point, and with PetroFinanz (of Switzerland).
So I still fail to understand how the ex officers gained benefit from losing their jobs. Their stock is worth nothing and although it is possible that some ex officers may be helping Silver Point transition out of the Barnett Shale (see www.albrechai.com) on a consulting basis this is only because the Board was incapable of doing so (again that is exactly why Silver Point insisted on such language in the LLC agreement). I tracked down Piazza and he has longed moved on and the bulk of his paid salary during his tenure, which he received in stock, is worthless.
It is always easy and convenient to blame the officers, politicians do it, disgruntled investors do it, hell even I do it. However, it was Petrofinanz and their guys Evett and Leopard who set up the capital structure of the company in a way that made funding impossible except for that provided by unsophisticated clowns like Cornell. Petofinanz was the big winner! Piazza and his team were hired to drill wells - without sufficient capital they left. Who is their replacement? That's right no-one. And Evett is paying hinslef $176,000 per year in your cash. So much for Swiss bankers with no oil experience!
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