thanks for the comments. just a few notes:
-- there is no insulation from personal liability for fraud, conversion, conflict or illegal activity (that is liability different from contractual liability on the note - assume they would be smart enough to not guarantee payment if none was ever intended). reason i raised it is that if fraud committed, or transfers made to co with common owners without value, or misreps were made to pump stock sales, or officers benefitted selves with corp assets/funds to detriment of corp or remaining shareholders, or corp assets not properly administered, such could be basis for personal liability as to principals responsible for improprieties, which might provide leverage to obtain personal backing of obligations entered, or contribution to resolution, or better terms, or surrender of assets or stock etc. don't know whether any of this occurred, but such should be considered, if only to rule out and obtain more proper/just result.
-- similarly, not taking steps to preserve assets and value which reasonable person would have done (i.e., waste), could also be personally actionable, as could not obtaining reasonable security or terms on debt, especially if principal responsible for such decision had stake in resulting debtor, and benefitted from lack of teeth in any agreement (conflict).
-- if any of this is criminal, then court will require restitution as part of any plea deal or sentence (this would require sufficient evidence of wrongdoing to obtain prosecutorial interest).
-- bottom line thought - looks like you know what wells or leases have value. concentrate on getting those back, and getting cash or cash contrib to making such viable for pgpm. if leases or rights have value of $2.5 million, $1 million, or $25, take back, reduce balance on note by the real corresponding value (since at minimum, acly/principals should be responsible for diminution in value due to "neglect"), try to get some downstroke on balance, and set terms for payment of balance (with further security if possible - ha).
-- get rid of the complicit shareholders - if they have exposure for screwing company, shareholders and assets, then perhaps surrender in exchange for walking away from liability is a partial consideration. if acly is valueless, then do we really need the shares in that (need some sort of simple audit/legitimate balance sheet & indication of who controls that company).
-- were there any additional terms to transfer for which note was received - i.e., requirement that something be done with them within certain time or revert (common in this industry - so if not why not)? have you seen all contract/transfer documents?
-- ppgm have any outstanding loans or debts owing? if so, how much/for what/terms. if so, is any of that owing to any of the form principals responsible for this mess? if so, cancel as part of any workout?
-- find it difficult to fathom how individuals formerly in charge of company would agree to transfer out company assets without anything in return, or how they could allege they did not know any better (especially, when it seems that there have been many interrelated players involved here). if they got something out of their misdeeds, there are potential consequences to them - in pink companies, they seem to bank on fact that no one will invest the time or money to make them pay the piper. that is just wrong.
-- also curious to know what they got out of it (scenario would seem to suggest more than just incompetence, though maybe i am wrong). what did rp get paid as co ceo?
anyway, pragmatically, you want to get as much as you can, salvage anything of value, and take back equity in pgpm owned by responsible parties. no releases unless satisfactory terms which leave with scenario of viability. sometimes, it seems that dispute resolution should just go back to trial by combat. lol, (kind of).
same disclaimer as in my post #16591
laz, continuing misfit.
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