"....a $111 million annual net loss at a company with only $349 million in assets and $86 million in sales. Ouch. Where did the money go?"
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Setty has put to together a most interesting post on Petromagdalena (PMD.v), the Colombia O&G junior that used to be called Alange Energy until the company totally crashed and burned due to rather dubious goings on and extreme over-exaggerations (honestly, that's being nice) from management about its reserves, production and all things related.
Anyway, Setty does a great job of pointing you towards the continued oddness in the PMD.v filings, including this....
...as part of the post intro. Go read it all, because we're sure that Serafino Iacono and his lawyers will be poring over every word, too. Link here
Labels: Serafino Iacono