RE:RE:VGN ownership of DVR But VGN's investment in DVN not reflected.
A dog it certainly is. Deveron earned $164,000 last year, with income growing only 10% so far over the past year. Three yars ago they said they would already be at $1M in sales last year. Greencastle will not see any money out of this til it's earning $1M a year at 50% gross margin.
Meanwhile Greencastle's corporate kitty has been raided again and again to fund this wretch. When I bought Greencastle, it had a good producing well, $4M in the bank and only 24M shares outstanding. That shoudl tell you how long I've owned it. It's gone from having $0.16 in cash and agood income, to having $0.06 in cash with absolutely nothing to show for except shares in a company that is 1/3 "goodwill", a well with a bigger cleanup liability than production, and some moose pasture.
What really hurt was spending a fortune on "investor relations" for so long. Now that there's nothing at Greencastle to promote, I see the same company have moved on to promoting Deveron, again at high cost and to absolutely no effect. Since Jim Pirie is the only common denominator between teh two companies, I'm starting to wonder whether Jim has a useless son he's trying to keep off dryugs by getting him an "investor relations" job sitting at a desk phoning people telling them how great the companies he represents are. IR has cost both companies an absolute fortune!