"I am not familiar with NV corporate law, but would imagine a shareholder or a director could bring a claim if there was inadequate process."

Might not state securities regulators enter the scene on their own, if they find something amiss?   Would they have to wait for a shareholder or a board member to bring suit?

"If I were funding drilling, I would have the company represent that there were no such outstanding litigation claims and couple my funding with a security interest over the claims."

Good thought.  Let's see how markets behave over the next little while, given the changing economic climate. 

Thanks for sharing.

VP