Sefton Resources. It’s another day and another Bankruptcy we bring to you yet another Sefton Board Member involved with yet another oil company that went “Tits Up” in 2009.
Come on down Karl Arleth current CEO & President (Now where have I heard that before?) of Sefton Resources who, wait for it… wait for it.. Left Sefton in 2006 to concentrate on increasing time commitments required in his position as “CEO & President” (Ah there you go I knew I’d heard it some -where) of Teton Energy, http://www.investegate.co.uk/Article.aspx?id=200603241049383396A where good old Karl resigned in May 2009 as the “CEO and President” of Teton Energy Corp, who filed for Chapter 11 bankruptcy protection, several months after Karl hot footed it out the door after racking up debts of $44.3 million dollars. Teton, a Denver-based oil and gas exploration and production company (NASDAQ: TEC), also filed a proposed “reorganization plan” with the U.S. Bankruptcy Court in Delaware.
The plan called for Teton assets to be auctioned and for the company to be reorganized “free and clear of any liens, encumbrances or other interests.” In other words (just like Mark “fingers” Smith another Sefton Director with stained bankruptcy fingers from the Stone Mountain Resources bankruptcy) Teton said it “believes it is likely that there will be no value for its common stockholders in the bankruptcy process. Teton does not contemplate its stockholders receiving any recovery absent it receiving a substantially higher and better offer for the membership interests in the reorganized company.”
Let’s “Hot foot” it ourselves to August 2010. Enter Karl Arleth & Marky “Fingers” Smith back on to the Sefton Board. http://www.investegate.co.uk/sefton-resources-%28ser%29/rns/directorate-change/201008030700133969Q/ Don’t forget Karls’ been on & off the Sefton Board more times than a light switch!
It’s a grand life all this “hot footing” from bankrupt company to bankrupt company while filling your pockets with share-holder cash! The SEC filings make interesting reading; Teton had failed to repay lenders $8.5 million in August 2009 and that an interest payment on outstanding notes had to be postponed. Presumably because the cash had ran out, rather like good old Karl had in May 2009. Hey there’s a thought isn’t the cash running out at Sefton? What a coincidence.
Teton’s borrowing base had been dropping and the company held a “Firesale” flogging all interests that the company wasn’t directly overseeing, including interests in Colorado and North Dakota. According to Vice President Jonathan Bloomfield, (who was left to carry the can and file for bankruptcy with the SEC) as El Presidente K Arleth had gone vamoosh in May 2009. Sounds familiar?
It’s the same old story and just where was Teton Energys’ registered offices? Why in Denver of course about a 10 minute drive away from guess where? That’s right Sefton Resources’ office. Small world isn’t it? Not a big place Denver is it? Area: 401.2 km² Sorry it is a big place!
There’s an old saying ” A fool & his money are easily parted” Bring on the Equity Financing facility.
You have all been warned stay well away from investing or trading in SEFTON RESOURCES. Bankruptcy Looms.
Viva
Dan
