- 22 -
the business. Consequently, Morgan turned to more conservative
oil drilling ventures, so-called development drilling, which
yielded a success ratio of 90 to 95 percent. Development
drilling involves acquiring land, if available, and drilling
between two producing wells. Morgan raised money for his oil
drilling ventures from relatives and friends. One such friend
was Green, whom Morgan had met sometime in the mid-1970's.
Morgan learned of the Plastics Recycling transactions,
specifically Plymouth, from either Roberts or some other casual
acquaintance. He discussed it with Green for no more than 5 to
10 minutes, and Green suggested that he speak with Becker.
Shortly thereafter he spoke to Becker for no more than 30 minutes
about the Plastics Recycling transactions. Becker informed him
of his efforts relating to the investment and provided him with
all the information he provided to other investors. Morgan spent
about half a day reviewing the offering memorandum and then sent
it to his accountant in Boston, Martin Braver (Braver). After
talking to Green and Becker, Morgan asked at a social gathering
whether anyone knew Burstein, and he received an affirmative
response from one of his social acquaintances. Morgan accepted
that the Sentinel EPE recycler was a technically viable piece of
equipment and decided to invest in it.
Page: Previous 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 NextLast modified: May 25, 2011