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  • miketraynor Dec 8, 2009 5:51 PM Flag



    Some of this will cover old ground, but you did ask. I represent a client who received a proposal from a group to finance one of his real estate deals. A guy at this company: told me that his funding source was BJ Petro, and he further told me that BJ was funding IDGG.

    I also was put in contact with another guy (call him David--not real name) who was doing due diligence on BJ. David told me he had contacted Stan Teeple and Steve Durdin requesting a copy of the BJ Petro contract (half if it was in an SEC filing). David said that the comapny DIDN"T HAVE THE REST OF THE CONTRACT--just the half in the SEC document. David thought this to be crazy.

    Not to belabor that, you know the rest.

    My first post was to ask about this deal and see if anyone knew about it. Durdin and Teeple believe it to be the best deal since sliced bread--they thought it was going to be a windfall. David and I were on the phone to them once and David pointed out that BJ Petro was located in a house that was appraised at $180K or less (I don't remember) and that their coroprate registration had expired. David and I also spoke to the lady at BJ Petro who was totally unversed in the language of finance. We spotted her right off.

    When we offered to share information with the company, they asked us NOT TO GIVE THEM our information--we wanted to share information. I had an obligation to my client to do this investigation, and I was willing to open my files, if the company would talk.

    AT THE SAME TIME, the Company put out a press release touting the $686 million loan--without any caveat about the deal.

    I could not believe this.