Your general tone is negative. The CEO retired not bailed. I find some of your statements incorrect. The pipe line will be completed mid 2006 and will deliver oil products. From Valero web site: Valero L.P. (NYSE: VLI), a mid-stream logistics partnership partially owned by Valero Energy Corp. (NYSE: VLO), has signed agreements with Pemex-Gas y Petroqu�mica B�sica and P.M.I.� Trading Limited (PMI). The project consists of constructing more than 110 miles of pipeline, and shipping oil products from Pemex�s assets in the Burgos Basin near Reynosa, Mexico, to Brownsville, Texas. In a separate transaction, Valero Marketing and Supply Company, a subsidiary of Valero Energy, has forged a five-year agreement with PMI to almost double the amount of liquefied petroleum gas (LPG) it currently supplies to PMI, to help serve the LPG demand in the northeastern part of that country. From POCC latest report: The energy industry is highly competitive. There is competition within the industries and also with other industries in supplying the energy and fuel needs of the industry and individual consumers. The Company competes with other companies including Valero, L.P. (Valero) in the sale or purchase of LPG and Fuel Products as well as the transportation of these products in the US and Mexican markets and employs all methods of competition which are lawful and appropriate for such purposes. A key component of the Company�s competitive position, particularly given the commodity-based nature of many of its products, is its ability to manage its expenses successfully, which requires continuous management focus on reducing unit costs and improving efficiency and its ability to secure unique opportunities for the purchase, sale and/or delivery methods of its products. Volume Sold 2005 2004 *
Fuel Products (millions of gallons) 53.5 14.6 Seems like a lot of oil to me. Gary
I was asking all the right questions 18 months ago and nobody was listening. "What about the stub.." I asked for 6 months straight. Management could have easily enacted a 1 for 10 reverse split and kept POCC from this delisting issue after the RVEP spin off. I guessed RVEP would last 1 to 2 years, they paid 2 distributions and closed shop even faster than I thought.
Dos Laredos killed them, as I mentioned about 1000 posts back. The game goes on.
I was refering to the Dos Laredos LPG pipeline that was built several years ago that started the issue.
The CEO bailed, so it was in the form of retirement, the President resigned right after him. No sugar coating this one.
My tone has been negative because these guys were not looking out for the shareholders but for themselves. They drew fat compensation in comparison to the companies size and when things got bad they bailed. Did you ever read the SEC documents about Richter's loose accounting when POCC was a shell company looking to invest in Russia? Pump and Dump artists are using this as a vehicle plain and simple.