hc, you obviously have great skills in obtaining information of this nature. I spent a couple of hours last week and nothing came up concerning Marion. Even went into the Utah data base, including the Government's mining area, but again to no avail. So thank you for sharing. You must be based in Utah or have a source so bases. Perhaps you or your source are tied up with the plaintiffs in regards to the law suite.
I am very disturbed by the implications of this court matter. Certainly, it would appear that both the Clarkes and Loumann have some major issues to discuss with the Utah regulators. AS a person who has direct involvement, dare I say as a shareholder, and some ownership, this situation is incredible. Needless to say, I cannot recall any official announcement from Mae to the shareholders and if anything the announcements made were somewhat rosy indicating positives.
Am interested in where we go from here. John Collery has indicated recently that there may be a JV, satisfaction of debt (no doubt to the banks and perhaps this matter) and, if the Utah Regulators allow, a re-instatement of a past producing well in Clear Creek, together with a possible re-listing of the company on the ASX. From one of the posts or information obtained therein JC gave evidence concerning these matters. I cannot recall any direct involvement and, like Jamie, have not seen any incriminating evidence against him.....though concede that he was the Secretary and now CEO so will have some responsibility and be held accountable. Remember we have only seen the written complaint and need to wait for a judgement. I don't think I would like to be either of the three parties mentioned in the writ/court action.
What happens now? The company, though JC, is applying for re-instatement of the well to bring it back on line as far as production. I felt that was happening quicker than later as there were definite time lines involved. Have heard nothing back officially concerning this issue.
If the judgement goes against the three nominated Marion people can the company continue as a legal identity? A judgement of say $1 million might occur but in the scheme of things is not that much when one considers the amount already spent on infrastructure, development etc already spend. Independent recognized and professional consultants have indicated a P1 to P3 proven resource of over 200bcfg with a potential of trillions of unproven but possible gas exposure together with possible oil resources. In my view a value of hundreds of millions of dollars still.
If a JV is interested then $1m is not a major concern, remembering that each new well will cost 4-5 times that. Hc and other posters have indicated that there may be some positives forming on the horizon but ............
The court and judicial system will deal with the possible 'fraud' matter in due course....hopefully giving plantiff and shareholders of Mae some satisfaction(!!!!!!?).
Hopefully, we will receive some definite information from JC soon. Again hc, thank you for sharing.The hurdles for a possible recovery of Mae seems to getting higher and higher.
Frustrated to the end. Bernie
MAE Price at posting:
0.6¢ Sentiment: None Disclosure: Held
