3555 days ago
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.
The smack dealer Timis was meant to have repaid the $8 million plus 8% interest by April 30th. That has now been extended to 30th November to allow the candyman to sell his Russian and Kazakh assets for $60 million to a mysterious Hong Kong buyer enter the dragon.
Now two things might strike you as odd here.
