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[QUOTE]Originally posted by cactus33: [QB] from AB.. It's has nothing to do with new shares being issued or bad news on > the suit(s). Oil is lower of course but I suspect as Dion was telling > John Young on a daily basis all about the lack of impressive > organization and or effort on my part that he experienced during his > brief tenure as COO some people bailed in fear as the word spread > down the grapevine. In other words, with-out permission William > blabbed internal information, strategy, time phrames and efforts to > JY and others and so on and so on. There's no other reason the stock > dropped in half since his appointment. It's not just because the > prefereds weren't cancelled yet, first of all William asked to have > them transfered to him and not be cancelled and I recently maped out > a realistic plan( 5 page letter) to have them transfered or cancelled > and for my role to change as proposed. It was just going to take some > time and patience on everyone's part. It took me 4 months to take > control of this company in 2003 and in 5-6 weeks as a part-timer, > from another state and with a 1 week vacation he took in the middle > of it he can't expect to have accomplished a complete smooth take- > over of the company. There is so much to know about the suits for a > new leader, so much to know about the company, the role players, etc. > I'll give William the benefit of the doubt some because we aren't > very organized yet in a few areas, book keepers and accountants are > truly in the middle of completing things we have asked to get done, > his employment agreement has been a nightmare with 1/2 dozen drafts > to date, we had a Major effort just wrap up in putting to bed the > issue about Marty's compensation and role, the entire company > network's phone numbers were thrown at him, etc, etc but I think he > should have handled it differently. There was no-one he wasn't > allowed to call that I have been working with as Chairman , to > question them at length, etc. He saw a lot of internal paperwork. We > are publicaly traded and there is compliance to be followed. He > wanted to sell his shares to possibly help the company have money for > certain things but wasn't keen on getting the shares issued back to > him later in restricted form as insiders have to have. He wasn't keen > on keeping that proposed personal loan on the books as a loan. He > didn't seem pleased that a 504 was out of the question as he had been > given the role of funding the company and hadn't gotten a great > response from investors about buying restricted stock, instead of > free trading. He was given full power to open a new company bank > account in his city and put all new funding money there to use at his > discretion. The 175g's anticipated from the Panola sale was also to > be wired there when available. > Pandora's box has now been opened but the company is still moving > forward with Panola activity, Concorde activity, other projects with > Marty, both suits, some possible O&G acquisitions, funding, the > audit, etc. > > We'll see where we stand now but it got a lot more complicated > because of obvious reasons. Until I figure out a plan for stability > of this company I remain in charge. > > That's my take on why the stock is lower. > [/QB][/QUOTE]
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