Replies to post #11604 on Pilgrim Petroleum Corp. (PGPM)

[magicdaddy]

Perhaps RP will get the message...that the commons are really pissed. I fully support the notion that it would be best IF Ralph simply would do the right thing....it seems with every communication for the past 6 months+ we always hear that word soon, which he now says is only weeks, not years, over and over.

I would hope that there still IS value here. Investor confidence says prove it....I/we can't trust RP any more until he does.

I hope all of this some how lights a fire under his butt!

[ncpti]

The first part of your post was most politically and logically correct. The second part I tend to agree as well.

I would argue with you, a point on, in a general sense, that "shareholders who expect from the beginning, in any investment, that they will eventually have a need to defend their rights, are generally those in the best position to succeed in the the effort".

The reason is that I don't believe that shareholders who invest would expect to have to defend their rights to the extent that would otherwise be expected, or to be a stipulation or requirement to invest, nor should have to be in a position to have to defend their rights!

But, grant you, I do see what your statement means by "shareholders who expect"! I do think this would have been, MAYBE recognized by late comers rather than past or initial investors with this particular company. And if recognized, why would they invest? Why would they put their selves in a "position"?

It does appear that there is more to the story than we know at this time, more frustration, even on managements side than we realize. WE do know, as simple stockholders, that this is taking a long time to conclude, but it appears there is already contractual obligations in place that we are not informed of...."not in default", of which we know nothing about. As you pointed out "whats in default"?

Our lack of "in the know", may or may not be justified, but I suspect that the fear of disclosing inside information will prevail, above any information that could be given without violating any laws.

It's obvious that there is a 40 mil note in considerations, and that PGPM will, or should, be the beneficiary of. I believe this will play out "soon" but not on a timetable that will suit us!

ncpti