By Tom Winnifrith, The Sheriff of AIM | Monday 4 August 2014
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. 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.
Back in April 2013 Range Resources (RRL), then run by Peter Landau agreed to buy International Petroleum Limited, a company stablished and run by convicted heroin dealer Frank Timis. IPT was technically insolvent but Landau was happy to hand over 40% of an enlarged Range share capital to get his hands on this POS and so also loaned International Petroleum $8 million. The cash was repayable of the deal fell through and Range got security over IPT’s Russian assets. The deal fell through. Range has today given us an update on getting the cash back which is truly laughable. It is sheer comedy genius.
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