After having called Gtso's Wallace Brown for the last 3 weeks, I got a call from a wise-guy from the company who said he he was the CFO. First he acted peeved off for the fact he called me 15 times today when in fact he called me 6 times. Then he told me he has called me 40 times on my ATT cell phone but through phone tracking I knew he was lying. I brought up the fact that the company has been putting out notes convertible at one cent per share, and in spite of horrendous reverse spits over the last 5 years, the conversion of the outstanding notes remained at one cent a share and and did not suffer any consequences in spite of the reverse. The idiot who called me explained that these unidentified note holders took on enormous risk and deserved a good payback. My calculations tell me that a 20000$ note investment today for the note holder would bag a 40 to 1 payback immediately based on today's stock price. A cool $800,000. I questioned the idiot how they could put out 8 rosy news releases since April 8 and disclose recently they have nothing left in their cash accounts. I color this a scam run by crooks and I foresee them paying a heavy price and hope for a strong civil suit followed by criminal undertaking.
Salary cuts are imperative and should be done immediately. If they care about shareholders they must do this.
If not shareholders should act to remove them.
The stock could soar.
They will be a much bigger company in future.
They can sell 20 million barrels per year. At $80 per barrel that generates $1.6 billion per year. Taking out interest costs, overhead , 300 million program, Breitburn could generate almost 3 $ per share cash flow easily. What is wrong with this? Today's action is crazy.
I used to own it but thank goodness I got out on the last pump in 2014.i never trusted management. I strongly believe that insiders stole over $10 million from the company. They should not exist and be prosecuted for criminality.