Jatinder Singh Bal Under Suspicion Of Racketeering?Jack Ball Kills Another Company Bob Moriarty Archives Feb 25, 2016 Jack Bal, otherwise known as Jatinder Singh Bal, is either the most dynamic businessman in Canada, perhaps North America, or one of the biggest con men. Hes President and CEO of CMC Metals. In the past two years, the company has dropped from $.50 a share to $.09 today. I visited the project and wrote about it. If you read the piece, you may well realize that I was pretty non-committal in the piece. Basically it was a plan that if executed might be a good deal for the company. I was made a bunch of promises, none of which actually happened. But I was used to this from Jatinder Bal because I visited Journey Resources in May of 2009. I was fed a lot of promises, none of which came true. The company did a name change and a roll back in 2010. Naturally Jatinder Bal was both CEO and a Director. In 2010 the company was as high as $10, now its $.16 after two roll backs down 98.5%. Rollbacks and stocks falling off a cliff seem to cling to Jack Bal. He was president of PB Energy Storage. I cant find out any more information about the company. And hes President of Foresight Communications, also an independent director of Grenville Gold down from $3.35 in 2011 to $.12 today, President and CEO of Cardiff Energy down 84% in the past year. And he manages Cascadia Energy Corp and EasyMed Technologies and Goldeneye Resources Corp. All at the same time. But Jack Bal took over another company in December and accomplished something exceptional. In three months he has destroyed 80% of the value of the company. He turned a company with a market cap of $5 million into a company with a market cap of $1 million while the company had $4.3 million in shares of another company. Shareholders are paying a premium of $3.3 million for the privilege of having Bal running the company. Perhaps investors know if Bal is a dynamic businessman or con man after all. Heres what happened. There was a private company named Mineworx. A public company named Equitorial Exploration invested almost $1 million into Mineworx. Another company expressed an interest in Mineworx so Equitorial agreed to sell their interest in Mineworx and would distribute the resulting shares in the new company to existing Equitorial shareholders. In a press release dated the 2nd of October the management of Equitorial said, The company will dividend out 16.5 million of the Mineworx shares on a pro rata basis (approximately 0.4 share of Mineworx for every one share of Equitorial), to all shareholders of the company as of Oct. 2, 2015. That seems pretty straightforward. I had invested some money in Mineworx in August after being told that the money would allow them to get into production right away. Well, a week after EXX announced closing the $.10 placement that I was in, they announced a new placement, but at $.06 and now the money was going to bail out Cardiff Energy. Run by none other than Jack Bal. I was ok with that. I dont care how Jack Bal runs companies; I just wouldnt touch one with a ten-foot pole. So as of the dividend date, I had my original EXX shares bought at $.10 and now had shares in the newco, Iberian when they announced closing the deal with Mineworx on November 13th. As of November 13th, my new Iberian shares were worth $.10. I had paid $.10 for shares but now had shares in two companies worth a total of $.20. Thats a good deal. But wait just a minute. As soon as the announcement was made that EXX was getting 43.2 million shares of Iberian in exchange for their Mineworx shares, they had a change of heart. So in mid-November 2015 Equitorial announces that after careful consideration they wanted to maximize value from their investment in Mineworx and the best way for them to do that was to lie about actually doing the dividend back in October. Dont bother looking for the news release announcing the canceling of the deal they had agreed to when they were going to vend out the Mineworx shares to existing shareholders on October 2nd. It isnt even mentioned on their website. Heres how Jack Bal maximizes value from an investment. He takes a share of EXX worth $.10 on October 2 and adds to it a share of Iberian worth $.10 when the deal was completed and turns it magically into a $.02 stock less than three months later. So I think its a pretty easy call to say that he has done his level best to destroy yet another company. But it gets worse. As a result of the $.06 PP announced six days after closing a $.10 PP he took the share structure from about 42 million shares to the current 52 million outstanding in EXX. But now the shares have dropped to a low of $.02 so the company went from being worth $4.2 million to just over $1 million all the while holding shares in Iberian now worth $3.4 million. Naturally the management of Iberian is madder than a wet hen, they just put 43 million shares of their stock into the hands of a fool and a liar. As long as that particular overhang exists there isnt going to be a lot of people standing in line to buy Iberian shares knowing the fools at EXX will dump their shares the instant they can. Mineworx shareholders have sued Equitorial in order to force them to do what they said they would do in October. Equitorial Exploration Corporation EXX-V $.025 (Feb 24, 2016) 52.7 million shares Bob Moriarty President: 321gold