Interesting information here on WOGI and Baron.
Post# of 5115
Posted On: 03/28/2016 2:29:46 PM
Interesting information here on WOGI and Baron.
Update from Baron Website:
World Oil Group, Inc. – World Oil Group and Baron Capital Enterprise funding agreement is showing over $161,000 for accrued interest from November of 2012, as well as additional funding loaned to the company primarily in 2015 by Baron. Baron in good faith, has agreed to freeze the interest rate on the funding agreement owed since 2012. However, all loans although not documented, are deemed Demand Loans in the State of Florida and will be executed by Baron accordingly. Baron has since dismissed WOGI as a client in November 2015, and has ceased funding them as the Company lost faith in WOGI’s management following the revelation of a former fraud conviction against the CEO and the business direction the company was moving in. Baron has made a strategic decision and not proceeded with collections as of yet, because we are waiting to see if anything materializes from WOGI management efforts. We have several years to collect under Florida law, and WOGI is in default for not honoring a Notice of Conversion we sent the company in November 2015. Baron has stayed execution of any collections to date in anticipation of any future endeavors that may materializes with the company. We have several years to collect under Florida law, and WOGI has defaulted for not honoring a Notice of Conversion we sent the company in November.
Baron has endured more than its share of slander, libel and tortious interference from outside parties either working as consultants with some of its past clients, or people who have other ulterior motives or intentions. Over the past four years Baron has been accused of taking advantage of its past clients and their shareholders (Baron itself ironically is one of those shareholders it is supposed to be taking advantage of) and charging excessive interest rates on monies it has loaned to these former clients.
Update from Baron Website:
World Oil Group, Inc. – World Oil Group and Baron Capital Enterprise funding agreement is showing over $161,000 for accrued interest from November of 2012, as well as additional funding loaned to the company primarily in 2015 by Baron. Baron in good faith, has agreed to freeze the interest rate on the funding agreement owed since 2012. However, all loans although not documented, are deemed Demand Loans in the State of Florida and will be executed by Baron accordingly. Baron has since dismissed WOGI as a client in November 2015, and has ceased funding them as the Company lost faith in WOGI’s management following the revelation of a former fraud conviction against the CEO and the business direction the company was moving in. Baron has made a strategic decision and not proceeded with collections as of yet, because we are waiting to see if anything materializes from WOGI management efforts. We have several years to collect under Florida law, and WOGI is in default for not honoring a Notice of Conversion we sent the company in November 2015. Baron has stayed execution of any collections to date in anticipation of any future endeavors that may materializes with the company. We have several years to collect under Florida law, and WOGI has defaulted for not honoring a Notice of Conversion we sent the company in November.
Baron has endured more than its share of slander, libel and tortious interference from outside parties either working as consultants with some of its past clients, or people who have other ulterior motives or intentions. Over the past four years Baron has been accused of taking advantage of its past clients and their shareholders (Baron itself ironically is one of those shareholders it is supposed to be taking advantage of) and charging excessive interest rates on monies it has loaned to these former clients.
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