Replies to post #2455 on Kabe Exploration, Inc. (fka KABX)

[jdjlaw]

Side thanks for posting this. Usually the court date is picked by the Court, unless the Attorney, or the U.S. Attorney (prosecutor) have some kind of conflict with that date. But usually you have to go with whatever the Judge picks.

I had read the complaint but didn't really know how to post the link. My computer skills are very limited. If he is convicted on only a third of these charges he could spend decades in prison. You can get more time for money laundering than you do for robbing a bank. Add the wire fraud on top of that as well as the securities fraud and it adds up to a double butt load of time.

IMHO this case will NOT go to trial. The way these things work, he will be offered a plea deal that will consolidate most of these charges and limit the actual time he will serve. Might not be as long a Madoff, who is serving his time here in North Carolina, but it is likely to be decades not years. Maybe they will be cell mates.

jdjlaw

[stervc]

SideSwipe, with your KABX related DD...

I'm guessing that I was probably one of the last investors to learn of this (LOL). Still, I think we will be fine here with KABX. I believe that the value of their oil reserves are so big, based on what has been indicated, that I am confident that the company will have a plan to move forward with or without Erik Ulsteen.

He was caught back in Dec 2013 so I am thinking that if KABX would have been in any kind of danger, something indicating such would have been reflected immediately or soon after such time frame back in 2013.

I believe that certain actions could have been predicated upon the hearing today, but as a worst case scenario, if confirmed to be guilty, then according to SEC rules, Erik Ulsteen cannot be neither an Officer nor Director of a public company until after 5 years have elapsed.

This simply means in short order, he will be forced to resign and KABX will be getting new management of which I believe is possibly going to be part of the plan regardless.

v/r
Sterling

[mick]

any updates on the court hearing?