It depends on what type of filer you are. In the past FEEC has checked the box that they are an accelerated filer which gives them 75 days. Maybe now that the market cap is so small they have moved to the 90 day schedule.
AGAIN....... really? Are these people working, at all? Maybe I can get a job there too? What do U guys think? Maybe they will pay me a few hundred thousand a year, to sit at home, and watch TV too? :-)
your anger is understandable. China's lack of economic recovery is a killer. No one thought it would last this long, and shows no sign of ending. things will stink till then.
this scam has been ongoing for a decade---anyone know if he is still ceo/pres----------big Michael and all his #$%$---sec needs to go after this #$%$, one time employee of federal gov....
Thanks for the details cg... Much appreciated- Obviously, we are speculating on the reasons for this agreement. But it sure makes me wonder. Are they using this cash to help finalize the deal, for attorney fees, arrangements, transfer of ownership types of stuff, etc..? Ur right, the banks know, and Mike and his crew know- suppose the main thing to keep in mind here is what we mentioned earlier. No ONE in their right mind would give a loan, expecting or even anticipating that they would not be repaid. Especially not any bank- My wife used to be a credit manager, and she couldn't agree more- And with those terms the way they are, like you listed above, Thats a decent interest rate. Makes the repayment terms kinda hard to achieve, if nothing was gonna come to fruition.... For me, personally, I would prefer to see some kind of JV- where we are merged with the deep pockets... Be it Shell, Exxon, BP, Conoco, CNOOC, or whoever.. Where they allow us to be a part of the project going forward, since we were the ones who took the risks... There are so many possibilities of how they could do this- it could be that we get 80% of our position at the companies stock price, or we get 90% of our position bought out at $2.00, and the other we can keep at their stock price, or we get the choice of either a one time payment for our stock @ $1.50, and forfeit the "goings forward," or some kind of option to vest over time, as the property progresses.. I could go on and on about "how" a deal gets done- We could also get... the shaft- and get nothing- it depends on what Mike does and how he handles the situation... But I am just praying that something will happen for our good.. It's been a LONG time coming...
Looks like to me they are using one "credit card" to pay the other "credit card". In my opinion no one would accept terms like this unless they were truly desperate. Probably get a better deal from a "loan shark".
One thing is all but certain... this "game" will end very soon. Some will win and some will lose. Anyone want to guess where shareholders will end up?
The Agreement provides for a $1.4 million unsecured credit facility to be used for certain working capital purposes approved by the Lenders. It has a three-month term ending on May 25, 2015. Loans under the Agreement will be made by the Lenders pursuant to utilization requests delivered by FEEB. FEEB has the right to deliver up to three utilization requests during the initial 45-day period after the date of the Agreement. FEEB delivered its first utilization request under the Agreement for $350,000, which was funded on February 25, 2015. Any amounts requested by FEEB pursuant to the second and third utilization requests are subject to the prior approval of the Lenders. Loans under the Agreement will bear interest at a rate of 25%. Upon a change of control, FEEB is required to repay all amounts owed to the Lenders under the Agreement plus a change of control premium equal to the principal amount of the loans drawndown under the Agreement at such time multiplied by 5.5, minus the principal amount of the loans drawndown under the Agreement at such time.
Angler, what do you think of this? Hopefully $350K is all we borrow and we get something done in March. God only knows, what Mike has up his sleeve. All the banks knows what's going on, not us shareholders!!!
U know cg... I've been saying the same thing for the past couple hours... Something is up- and hopefully, it will be the stock too, sooner rather than later... The problem tho, I think, is that there will be a strong temptation to sell once it's starts to move, that's even if it does... So be careful U guys....
There has to be done deal here, who in there right mine would loan them more money, if there wasn't something in the works. Just waiting to get the Chinese to sign off on it is my guess.
money is easy borrow but real hard to pay back if not put to the proper use. DO NOT WASTE ON BIG SALARIES THAT CREATE NEGITIVE CASH FLOW. FEEC IS SUPOSED TO BE IN CONTROL OF ALL KINDS GAS OR THEY. SHOW ME THE MONEY!!! BY THE WAY WHEN IS THE SHARE HOLDER MEETING???????
3 months more of negotiations with 3rd parties. LoL Maybe Mike is still trying to get his bonus that was due to him two years ago.