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Tomco Energy Share Discussion Threads
Showing 52451 to 52474 of 52475 messages
|lets hope it kicks into life with some interesting news on the turboshale deal soon|
|10days without a single post. No news on the new turboshale deal. Nothing on the fundraising, it's very boring being a tomco shareholder these days.|
|Will be interesting to see what the further agreement details state,,,,hopefully it will be more interesting than just sitting waiting for years. CB ditched the palm oil plant very quickly (which may have brought some profit) so lets hope there is much more to this than the little we know at the moment.|
|he never said they were his.
I think we are now in limbo. Going nowhere. A new tech that will take a few yrs to prove up and no income except the small fee from turboshale (assuming they raise their finance).
I am not selling, I said im in till boom or bust and will wait it out.|
|I didn't think you held that many Wilson. I note MM's were happy to pay above bid for them. ;o)|
|Didn't the original deal between RL and Total contain an option for Total to withdraw i.e. allow for the final decision on going forward with the project to be made early 2017 ?
I would like to think CB has some decent strategic plan afoot otherwise why keep going with Shale|
|SALT LAKE CITY, March 31, 2017 /PRNewswire/ -- Red Leaf Resources, Inc., a Delaware corporation with headquarters in Salt Lake City, Utah and TOTAL E&P USA Oil Shale, LLC ("TEPOS"), have reached a mutual agreement under which TEPOS has exited the oil shale development project at the Seep Ridge site in eastern Utah, a project that Red Leaf and TEPOS had jointly pursued since the spring of 2012.
With TEPOS' exit, Red Leaf has slowed the progress of the project while it considers its options for both continued development of the Seep Ridge project and other opportunities to further advance its EcoShale® technology, a patented process by which hydrocarbons are produced from oil shale.|
|CEO Adolph Lechtenberger sent out a new business plan just days before the measure was adopted.
whats the new plan?|
|sounds like they have a good case !|
|Red Leaf Hit With Del. Suit Over Deal To End Joint Venture
By Matt Chiappardi
Law360, Wilmington (April 5, 2017, 6:21 PM EDT) -- A Red Leaf Resources Inc. investor launched a lawsuit in Delaware Chancery Court, unsealed late Tuesday, accusing the shale oil company of circumventing the shareholder’s rights to be consented on a decision that led to the end of a partnership with a unit of French oil giant Total SA.
In a heavily redacted complaint, PWP Xerion Holding III LLC argues that its holdings of a majority share of preferred Red Leaf stock means that it must provided consent before the company makes any major change to its business plan, and the investor says the deal struck with Total E&P USA Oil Shale LLC to exit a joint venture connected to a project in Utah not only was such a change, but also a raw deal.
What’s more, Xerion claims that Red Leaf took measures to end-run its consent rights by approving a resolution that the deal was not a material change to its business or business plan, something investor alleges is not only untrue, but a breach of both the agreement associated with the preferred stock and directors’ fiduciary duties to shareholders.
“By entering into the Total agreement without Xerion’s consent, the company eliminated the value of Xerion’s consent rights, which are important protections that Xerion bargained for when it invested in Red Leaf,” the complaint states. “But for the company’s circumvention of Xerion’s consent rights, and the directors’ approval of the company’s unlawful actions, Xerion would have received the benefits of the Xerion proposal.”
The issue stems from a joint venture Red Leaf struck with Total in 2012 to develop shale resources in the Seep Ridge Canyon area of Utah, which was to begin as a commercial demonstration of whether Red Leaf’s so-called EcoShale technology was viable.
By 2017, Total elected to leave the venture on terms redacted from Xerion’s complaint that the investor says it was not happy with, and asked for alternative measures, including a buyout of its investment.
Xerion alleges that Red Leaf instead formed a special committee that urged the board to approve a resolution that the developments were not a major change to the company’s business plan, a move the investor claims was made to evade its consent rights.
Meanwhile, Xerion also alleges that “the truthfulness of the board resolution, however is belied by the company’s own action, and that CEO Adolph Lechtenberger sent out a new business plan just days before the measure was adopted.
Representatives for Red Leaf did not immediately respond to requests for comment Wednesday.
Xerion is asserting breach-of-contract and breach-of-fiduciary duty claims and seeking damages to be determined at trial, according to the complaint.
Founded in 2006, Salt Lake City, Utah-based Red Leaf employs proprietary technology it says is able to produce fuel from shale oil in a more economical and environmentally friendly way.
Along with the Seep Ridge project, the company says it has other holdings in Utah 12 miles north called Holiday Block, and in the Green River basin area of Wyoming.
Xerion says it owns 4 percent of Red Leaf’s common stock, but 52.6 percent of its preferred shares, which carry the consent rights.
Xerion is represented by S. Michael Sirkin of Ross Aromstan & Mortiz LLP, and Jonathan D. Schiller and Christopher D. Belelieu of Boies Schiller Flexner LLP.
Counsel information for Red Leaf was not immediately available Wednesday.
The case is PWP Xerion Holding III LLC v. Red Leaf Resources Inc., et al., case number 2017-0235, in the Delaware Court of Chancery.|
|Is comedy in the know with someone as implies a new asset.|
|The results read - The oil shale technologies, which TurboShale intends to develop, remain conceptual in nature until demonstrated in the laboratory and in the field.
Which implies thy are not off the drawing board yet therfore not just lying around for anyone to snap up, but also implies we are years away from seeing any fruit from this. One year lab work to decide which of the technologies they are going to go forward with, fundraising, field testing, no doubt will have to apply for new construction and ground water permits and a new fight with living rivers although i would guess they would go no further than field testing and if proven with a decent profit margin would sell on at a good profit for us all ..... We live in hope !!!|
|Think this will be allowed to heat away...and for the masses they will bring a mineral asset with short term upside...this is time to get your mineral assets to sell in a year to 18months and bank another 200mill fortune?|
|perhaps the companies with the technology had no leases/land on which to develop it|
|the other obvious question is ... why was this new extraction technology jusy lying around for Tom to snap up|
|but if the new technology they plan to use is more profitable at a lower oil price why bother with Redleaf's capsule, as a higher oil price with new extraction would push our profits even higher|
|Will be interesting to see the agreement details and what the proposals are, then maybe there will be some interest depending on what the plans are. We still have RL technology if the oil price increases|
|and down we go. Well the new project certainly is not grabbing peoples approval. We need a producing asset IMO. I agree this project will take years to get to production.|
|I wonder when the first testing on Holliday block will start?|
|Everything ready for launch off London mining2, the macro environment is ready...all they have to do is show us the deal.|
|Sounds a bit desperate when you read the whole accounts maybe one last throw of the dice.|
|should have announced results first then new shale project.|