chillyballs, the facts are taken from the last news release. Being made public makes them facts IMO.
I believe that the $7 million paid directly and indirectly means salary, bonuses and the compensation from his drilling company for the past 18 months. I'm not sure why anyone would state this publicly or in a court document if they aren't.
Assuming they are, then that is a considerable amount of money going to an arm's length person, especially to the CEO IMO.
What I'm saying is that a lot of money has been raised and spent by BGM, that is a fact. Just look at the debentures, and financing to see. Sure, some was spent on purchases, but how can a company go through so much money, and now be, dare I say, broke that they need a "QUICK" loan by the CEO at such a high rate and leveraging the entire company assets, when money was available through other more shareholder friendly means?
IMO, BGM needs to be more transparent for one, stop these arm's length deals, and seeing how the company has burned through so much capital that it is now in a state of financial distress, we need a more streamlined, and efficient management that will not get us into this mess again.
Am I for a hostile takeover? Not at all, but I don't see this as being a hostile takeover. I see this as a majority stakeholder wanting more transparency, and responsible use of company funds moving forward. Personally, I find it difficult to believe that with all the money raised not so long ago, that we are at present in such a mess financially. JMO