Yes, this letter to the judge at Primeclerk spells out most of Evan's lies and deception to shareholders. Shareholders should definitely have shares carried forward to the Newco. It's amazing the SEC has not filed charges against Evans and the entire BOD. Hopefully they are quietly building a case.
If Evan's gets away with this it will make a mockery of the SEC and the credibility of entire stock market.
It's very hard to understand how they are not being prosecuted. Hopefully a case is being developed against Evans and the BOD and then the good news of their prosecution is announced. It appears criminals can say anything and get way with it.
Maybe he will come back as a cockroach.
Do you really think you are fooling anyone, multi-ID hack spammer bozo?
You will have to google PrimeClerk and search Magnum Hunter...... Yahoo and link blocking..... Aslo I believe there is a link in the bankruptcy press release.
They could at least do a reverse split, reducing the number of shares, carry the shares forward, and allow current shareholders to benefit from the growth of the new company. Maybe we would recoup loses in 10 years! Except nobody will want to own shares in a company run by Evans, so most would probably sell.
Because there are 260,000,000 shares outstanding. They want to wipe it out and then issue/sell new shares at say $5 a share, and raise that cash for the company. Also they will issue their greedy selves millions of shares. If there are 260M shares outstanding it will dilute the new shares. Evan's and the BOD come out with a new debt free company loaded with cash and valuable leases. All at the expense of them current shareholders. In addition they have the pipeline they stole. They all belong in jail.
Most Disrespected CEO
Because they are greedy trash. I just read the lawyer's objection to approving the equity committee. According to them there was only one offer for the pipeline. Evans was on CNBC crowing about 6 or 7 offers for the pipeline and a selection would be made soon, and JV would also be announced soon. Then promptly filed bankruptcy. If this bankruptcy is approved it will make a joke of the judicial system and the SEC. No wonder white collar crime is rampant. There are no ramifications for being caught being a lying, greedy, lowlife.
Evan's legacy: Most Disrespected CEO
Yes, it's very disturbing that he and the BOD is going to get away with this swindle and the SEC is not even going to question it. It's really amazing that some people have no conscience at all.
The Newco stock will be issued after the bankruptcy is complete. Evans and his buddies will issue millions of new shares to themselves for nothing at the expense of the pre-bankruptcy shareholders.
All this after he told investors the sale of the pipeline and the joint venture were going to happen any day. Then followed up with a news release about record throughput of the pipeline.
Sentiment: This guy needs to go to jail. No doubt about it.