Replies to post #17718 on Empire Energy Corporation Intl. (fka EEGC)

[BobSinCA]

This is certainly a complex situation.

Note that Mr. Bendall has previously been open to personally guaranteed payments to Hunt Energy. From the 2009 10k:

The Company believes it has significant defenses and is negotiating an agreement with Hunt Energy that will allow appropriate payments to be made over an eighteen month period of time that are guaranteed by Empire’s CEO.

I had originally speculated that some of the debt taken on by Mr. Bendall in the $5.8M he took on, much at the end of July as part of the RO 'oversubscription,' and removed from EEGC's balance sheet, was the Hunt Energy payable. But, apparently not, given the (Undisclosed) fact that Hunt filed for wind-up in June, reiterated now in September.

Deepens the mystery of what EEGC debt was taken on by Mr. Bendall, and others (note that over $9M in total of the RO subscription was in debt removal, per the Q2 10Q). Look forward to the next filing.

Some have argued that as a 'pinkie,' EEGC does not have the same filing requirements as 'BB' stocks; but, I am sure that what they DO file, has to be accurate. I don't think SEC would look favorably on inaccurate filings.

Some have also argued that the financing is a 'done deal'; if so, it should be announced as it is a material event. But, the PRs last week not only did not announce a 'done deal,' but for the first time said that they company had to find $12M to do a PPM, fund insurance, and place the notes, among other things, to move the Sure financing program forward.

Others have said that today's market action was a 'positive.' But a gap down opening with a net 14% loss and 3+ times average volume does not feel like a positive.

[sydneyboy]

Please correct me if I am wrong, but I do not believe that the license can be counted as a company asset. It has no monetary value and it certainly can not be sold off. IMO, if GSLM folded then the MRT would dissolve/cancel the license. It would then be up to any other company to apply for a license and prove that they were capable of carrying out the work MRT requires.

The license, like the prospective oil reserves, are not company assets and should not be treated as such...IMO.