EXPM:PREGF - Post by User
Comment by
Caribbeanmanon Aug 27, 2015 5:28pm
263 Views
Post# 24057449
RE:RE:RE:News
RE:RE:RE:NewsA large chunk of that $20,000,000 was insiders, Greenwood and Casey. It was a bought deal and I imagine that everyone in that deal already saw the writing on the wall months ago. This is no surprise to anyone who was paying attention to world economics. I'm told Greenwood had about $5,000,000 of that placement.
And no, I don't expect anybody in management to be taking salaries after they clean up the Germany portion. It's also my understanding that Greenwood did not take any salary the entire 5-6 years he was invested in making this work. I have friends who lost significant funds in this and they are not upset with Greenwood. He had nothing to do with the price of oil dropping from $130 to $40 a barrel. That's the primary reason the venture failed. At $100 oil they would be operational and drilling holes. No point in drilling for oil if you are going to lose money on each barrel you sell. That's foolish.