If you have read Pinnacle postings in the recent past, you will know that there have been several fanatical believers in MEO at Pinnacle. They've been staunch defenders of Corker and his clown troup. I registered on Pinnacle to voice my contrary opinion but my postings were frequently removed and I was accused of inappropriate negativity, so I quit trying to inform them.
If you have read Pinnacle postings in the last few days you will find that some of those same Pinnacle members who slammed me in the past are changeing their tune. Evidently they had been hanging their hat on the hope that MEO would publish relevant news when the "tight hole status" expired in early November. With the end of November nigh, you can read their misgivings about Corker and the clowns. The conclusion is similar to my own, stated many months ago: this company has interesting leases that may contain "elephants" but they are managed by persons lacking the right competencies to transform the dream into a profitable reality. Their arrogance is elephantine but their sense of responsibility to shareholders is non-existent. Their promises were gigantic but the results are miniscule. Their ethics are invisible. MEO and most of their JV partners (such as the fabulous would-be savior Nexgen) are virtually insolvent.
Caveat to investors: remember the names of everybody involved in this shameless charade. You'd be well advised to put them on your "do NOT play list" if their names appear on the boards or management team of your future investments. Frankly, I don't think that will be a problem - clowns like these don't usually get another chance at exercising fiduciary responsibility. And further on down the line.....Hell ain't full yet.
