Reading the annual report is sickening. Countless warrants, loans, options etc given to management to the point that the cash given away was almost greater than earnings of the company.
Looks like Shore and Richter, are still going to steal half of the GP and IDR's from POCC before the option expires. Its amazing that such blatant chicanery goes unnoticed in corporate America. Had Penn Octane been a thriving, successful business, it would have been acceptable to see such lavish and excessive compensation, but for two losers who nose-dived Penn Octane and Rio Vista, loaded as much cash into their pockets as possible and then bailed out, its amoral.
Looks like Richter has failed to deliver 250,000 units of RVEP to POCC that are supposed to be used as collateral. Doesn't current management have a fiducary responsibilty to collect receivables, even if it is from a former CEO that still has his hands in the cookie jar?
I laugh at the fact that seveal years ago on the POCC board I posted some messages stating that Dos Laredos would eat their lunch, and it turns out that it did. Despite the MLP structure, these jokers couldn't survive...I remember the conference call when they finally spun the MLP off, after 2 years of planning, Shore said something to the effect of 'there have been some very successful MLP's and we intend to be one of them'.