Replies to post #19350 on Empire Energy Corporation Intl. (fka EEGC)

[EarnestDD]

Malcolm subscribed yes ... after he CREATED a $7 MILLION Liability payable to himself for some mystery technology.
jmo

Malcolm did subscribe to all the unsubscribed shares. It specifically says that in the 10Q.

[EarnestDD]

Malcolm raiding EEGC for $21 MILLION in total for this Mystery Technology.
I wonder how many of the directors voted in favor of this and can be held liable??
jmo

the Company made a deposit to purchase a technology license from a company controlled by Mr. Bendall using a loan in the amount of $7,000,000. Since the technology acquisition is expected to be from a related party, the amount paid for the deposit on the technology in excess of the sellers accounting basis was recorded as compensation to the officer. Completion of this acquisition is expected to be completed in the fourth quarter 2010 or the first quarter 2011. Total cost of the acquisition is expected to be $21 million ($14 million in addition to the deposit held), initially funded by Company unsecured debt convertible to Common stock at a price of $0.07 per share. These advances are repayable on demand and accrue interest at the rate of 10% per annum.