Post by mullahpaloozer on Sept 30, 2015 9:47:06 GMT -4
notes WEBINAR #47 by Portrush
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Post by imSINGLEruRICH
ty...portrush
My webinar notes in brevity, for Curtis' sake.
1) Criminal trial delayed until March. Nothing we can do about it.
2) Durr case is close to $3million. We had a mediation meeting on 9/17 and the judgment debtor flew in from overseas. Negotiation lasted about 12 hours. CMKM has not settled the deal. We were offered a settlement—but told some things the company didn’t believe.
99% of all judgments (overseas) are never recovered. The recovery is incumbent on CMKM to prove it is owed. The company didn’t settle, but it didn’t walk away without ‘something’ and that’s all he can say.
The company may get a future settlement, it may get nothing—but again, that’s all he can say. It’s not over.
3) The company has a new collections firm. It’s been difficult to find a company willing to work for NHHI because they discover the history of CMKM. It’s difficult because judgments are expensive and the company isn’t well capitalized. So SK looked for a way to sell some of the judgments. After interviewing many, he cut a deal with a Houston collection firm. They have 2 lawyers and several collection experts willing to come in and capitalize the judgment recovery efforts.
This new firm brings important capital and expertise to the table. They latch on to a judgment debtor and don’t let go until they get something out of it or determine it’s not worth it. They’re excited to serve NHHI in this way since this is the largest endeavor they’ve had and they stand to make money. NHHI/CMKM will make the larger percentage of what they recover. We have $135 million in judgements they will be pursuing...which include "hundreds of pieces of property that have been sitting for years."
4) The stagnation waiting on legal action has become very tiring and that’s why he’s been looking to find someone to take on the collections. The next few weeks/months the company could see some revenue come in that will help to get the company moving.
5) SK was asked by some shareholders to attend the Acca Paltalk session. The comments made were absolutely false and there is no proof to support Acca’s comments. Where is the info coming from, why drum this up to get people excited? SK considers it damaging to the shareholder base. To him its immoral at best, if not borderline criminal.
“They’re ain’t no such thing as Tyler”…the company isn’t in Tyler. This company is not participating in any kind of payout. Only Frizzell is in Tyler. All there is left is a tiny company with SK and a couple attorneys trying to get something going to try to get your money back. [over time] That’s all there is.
The only hope of getting any money back is to survive and thrive and possibly return to trading…or, keep it and spend it towards growing the company to something larger.
6) Will be posting the 2014 tax return soon. (only about $120 net profit) Amazon has delivered about $150 in income this past month. Still carrying over $7 million in losses.
7) Last webinar he spoke of Reg D offering. He has made quite a bit of progress. He will not be promoting a fundraiser on the Internet. Some forms of Reg D don’t allow it. If interested, send him an email and he will provide information. New LLC was formed (New Horizons Energy) and NHHI will have an equity share in this new deal. This is proceeding right along.
8) Long range goals include: to become a fully integrated mid-size oil company. He wants the company to be light on overhead and light on its feet to be able to maneuver easily for production. Wants a vertically integrated company that has several layers of oil production. This is a long-term deal. He wants something that he can pass on to the next guy and he then can grow it to something that allows you to pass your shares on to your kids/grandkids and they will have something of value. He is having a conference call with interested investors this Thursday night--so email him if interested.
9) There are some CMKX shares out there that will be cancelled. It won’t make the company money short term, but there are 20-30 billion that need to be cancelled and restored to the Treasury because they weren’t paid for like most paid for theirs.
I didn't bother capturing the Q&A session. PT had issues, apparently, hard to hear. He answered my own questions as expected where answers could be given. Nothing revelatory.
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