Dear Valued Investor Partners,
We are pleased to bring you the latest update on our Seminole County asset.
Our bankruptcy attorney, Richard Ward, has been keeping Mahaffey & Gore, our Oklahoma counsel, informed with the most current information regarding the ongoing bankruptcy proceedings between ASE and MXP.
As of Friday, June 7th at 11:59 PM CT, MXP was officially dismissed from bankruptcy. Within the hour, ASE notified MXP and their legal counsel of their immediate termination as the operator. Subsequently, we informed MXP’s counsel of our intention to file a TRO (temporary restraining order) first thing Monday morning when the Seminole County court opens. MXP’s counsel acknowledged receipt of this notice, which benefits ASE in case MXP attempts to claim they never received such notice.
On Monday, June 10th, Mahaffey & Gore presented our case for the TRO, detailing all claims, faults, and failures of MXP as an operator. The court awarded ASE the TRO against MXP and its affiliates.
This is a significant milestone towards our ultimate goal of completely removing MXP, regaining control of the Seminole lease operations, and enhancing your return on investment.
The TRO, though temporary, is valid through Monday, June 24th. During this time, we will work through our extensive documentation with Mahaffey & Gore. Following the TRO hearing, we aim to secure a full injunction against MXP and its affiliates, achieving our goal of severing MXP from our Seminole lease and associated operations.
We are confident of a successful outcome on June 24th. However, we kindly request that questions be held until after this date, as our team is dedicating all resources to preparing for the trial.
ASE and Mahaffey & Gore are confident in our case for the upcoming trial, and we are excited for a brighter future for Seminole County.
We ask respectfully that all investor partners refrain from contacting us at this time to allow us to focus exclusively on preparing for the hearing on June 24th. We will provide another update shortly after the hearing to keep everyone informed.
Thank you for your patience and support. We look forward to the positive developments ahead.
Best regards,
The ASE Team
