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By Ben Turney | Friday 5 September 2014
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.
In February 2011, just over two months before New World Oil & Gas (NEW) came to market, the Texas Community Bank brought a court action against CEO Bill Kelleher for failing to repay a $585,000 loan. This loan was a mortgage on Mr Kelleher’s private yacht, Neftegaz. With less than a month until Mr Kelleher is due to repay New World whatever he owes the company on the $333,000 he borrowed in March 2013 to participate in that month’s controversial placement, troubling questions have arisen about the state of Mr Kelleher’s finances, the extent to which he disclosed his financial difficulties and how these might have affected corporate decisions at New World. Would British private investors have been prepared to back a company, whose CEO had apparently defaulted on an outstanding $550,000 debt? More to the point what did New World’s Nomad Beaumont Cornish know about this? Surely mention of this live legal action should have been published in the original prospectus?
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