Disclosure: I own shares in one or more of the stocks mentioned. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Beaumont Cornish; has it failed miserably as New World’s Nomad?

By Ben Turney

12 September 2014 13:05

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The silence from New World Oil & Gas (NEW) is deafening. It’s been a week since I first revealed that CEO and Chairman Bill Kelleher’s February 2011 $550,000 default on a loan, which he secured against his private yacht Neftegaz. The company hasn’t sent its lawyers into battle nor made any attempt to deny the allegations. By mid-January this year, Mr Kelleher still owed $298,000 on the debt, despite having earned $1.56million from New World. A Texan court then ordered he surrender all of his eligible stock in New World in partial settlement of the loan. None of this has been announced to the market. I have previously asked what the company’s Nominated Advisor, Beaumont Cornish, knew about this. Today, I reveal what they should have known and question whether the historical relationship with Mr Kelleher has clouded the firm’s professional judgement.

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Comments

wildrides

12 September 2014, 16:35

Bill “walmart “ Keller must fall on his sword . The management of the company has been woeful to say the least and the directors have sought to enrich themselves at every opportunity . Keller must rank with Kozel as the snake oil salesman of the century . Who in their right mind would want to set up in business with this man . His position is untenable . With him at the helm no deal will ever get done .