Bad Leasing? LONESTAR aka 64 LAND DEVELOPMENt
I heard a bad story at the golf course today, 64 Development AKA Lonestar Land Development has missed payment deadlines and has failed to honor contracts. Looks like this may be the end of their Haynesville play? If anyone has had any dealings or has any information with this outfit or John Logue please feel free to reply
Views: 27
Replies to This Discussion
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Permalink Reply by Checkmateking on
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S. Trace
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Permalink Reply by Randy on -
Hadn't heard that. Maybe so, as I understand it Lonestar is a pretty well capitalized group. Always possible to bite off more than you can chew though.
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Permalink Reply by Checkmateking on
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From what I have heard they havent paid anyone yet? And this is rock solid information.
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Permalink Reply by Checkmateking on
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What do you know about them Randy? Are they legitimate or not?
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Permalink Reply by Randy on
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Not really personally, I know they employ more than just a handful of people.
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Permalink Reply by Ant on
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What ever your source of information is, you are correct. Too bad this is happening. I heard it was blamed on the price of nat gas. Like any commodity, prices are not static and nat gas prices will improve. When that happens, what will be their excuse?
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Permalink Reply by Checkmateking on
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Well their leasing days will be over, the price hasnt dropped much since these contracts were signed based on the dates I heard. It was also said the landowners turned down other lucrative contracts while negotiating, we will see the other side of the coin when it comes to a deal is a deal, when they lease for pennies that is always their reaction.
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Permalink Reply by Ray C on
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Most all those leases have been recorded also. Know some of the folks personally that have signed with 64 development and they have not received money yet. The way I understand it 64 has 45 days to come up with the money on most of these lease agreements.
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Permalink Reply by Checkmateking on
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I heard they have missed alot of those deadlines while still putting the lease on the books. This is the kind of activity the AG office has been getting involved in.
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Permalink Reply by Checkmateking on
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They have enough lawyer/bureaucrats as it is, the only time they ever hired on fee before was when it was a billion dollar tobacco tort so all the money could flow into the good ole boy network instead of the state, but we digress, we must keep the heat on the John Logues and 64's of this play.
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Permalink Reply by Checkmateking on
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I wonder if John Logue or any other representative of their company has the personal integrity to come back on this site. If not they need to pack up and carry it back to Dallas, they have come to the wrong part of LA if they think they are gonna steal and deal.
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