The MMTE/William Lieberman Saga Continues
Mammoth Energy was a failed oil drilling company back when Overcash was the CEO. At that time, MMTE had lawsuits filed by employees who Overcash refused to pay for their labor when the wells produced no oil. MMTE was deep in debt, and could not drill on their leases because the employees made claims against all MMTE's oil lease properties. Eventually, the board and management were given a vote of no confidence by shareholders, and this is when William Lieberman was brought in to plot a new direction --- this time lithium production.
Keep in mind, Lieberman was not an unknown. William worked with Overcash on accounting and financial matters while Joe Overcash was CEO of MMTE.
Once the new board was elected, they voted Overcash out, and voted Lieberman in as the new CEO. However, MMTE was completely broke at this point, and had liabilities as well as debts. It was at this point that Overcash showed his close ties to William. Joe Overcash offered to front William $40,000 to get MMTE up and running again, and launch it on its new direction questing for lithium concessions. The M&A Advisors lawsuit proved that Overcash did pay William $40,000, but apparently transferred the note to his friends at STARR CONSULTING. I detailed all the parties involved, as well as the names in prior posts on this board.
The $40,000 note accepted from Overcash had nothing to do with TTXP or BOPT or SIPP or anything else. The money was for MMTE alone. Overcash and his friends used MMTE as their own personal piggybank when he was CEO. And, when he was voted out as CEO, he and his friends were very upset that this cash cow was taken away from them. I suggest that Overcash offered William Lieberman the money, and William accepted, because it was Joe's plan to once again take control of MMTE, and continue his milking of the company.
Finally, to my knowledge, William paid nothing to take over MMTE (at least nothing publicly stated). Lieberman was simply voted in as CEO because he already had knowledge of the operation and appeared more honest than Joe Overcash, even though the two worked together on financial and account matters.
When TTXP went dormant, William first eliminated the gold mining leases, and prior to gold, he eliminated the diamond concessions, and when MMTE changed from oil drilling to lithium, William eliminated the oil leases. So what next? The reverse split could come at any moment, and investors will be left with nothing at all, just like what happened with several of Lieberman's other adventures.
On 7/25/2012, William Lieberman, President of Mammoth, stated, "Our trading activity correlates with an equity capital raise with an institutional fund where the Company raised $220,000 USD for the purchase of MMTE's lithium assets a year ago.
Don't you find it strange that no one seems interested or is even asking where all the money went? I know individual investors purchased MMTE convertible debt for $25,000 - $50,000 - and even $100,000. We also know William employed several fund raising organizations or groups to raise capital for the purchase of lithium concessions, and William released news on several occasions stating that the capital raises were going quite well and were nearly complete --- this was stated for each and every capital raise. We also know "iron clad" who later turned out to be Brian MacDonald raised capital for MMTE, and did very well doing so. Finally, we certainly know that shares were issued (diluted big time) to raise money for concessions (can anyone forget that).
Now this is important for all MMTE investors to know and understand. William told me he did not need to pay for the concessions "up front" or all at once. Instead, he claimed in was paying for them in installments, and full payment was contingent on Chile approving lithium mining.
Remember, lithium concessions were basically worthless unless Chile changed its laws. So I ask once again, where did the money go? Why doesn't anyone see a need to know where the money went? Why isn't this topic discussed at all on IFlop?
Also important for MMTE investors to know and understand is that all William purchased was the right to explore and hopefully mine lithium at some point in time --- MMTE never actually purchase land.
As for mining, William made no preparation for such. Instead, he hoped someone or some other company would do that for him. The Atacama is a dry, barren, and lifeless desert. The land has little or no value, unless one can mine, and lithium mining is what gave it value. So without Chilean law changes regarding lithium mining, there is no value to the concessions. And, I stated many times, William likely lost the concessions and they have now reverted back to the original owners. MMTE investors are now left with nothing.
