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Microcap & Penny Stocks : FMA / FracMaster

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To: AL Berta who wrote (123)	4/29/1999 7:01:00 AM
From: StockPro	Read Replies (1) of 233

Globe says Balm bids to halt sale of Fracmaster assets Fracmaster Ltd FMA Shares issued 47,888,492 Apr 27 close $0.50 Thu 29 Apr 99 In the News The Globe and Mail reports in its Thursday, April 29, edition that former Fracmaster chairman Alfred Balm is making a last minute bid to stop the sale of his former company's assets to a United States oil field services rival. The Globe's Steven Chase writes that Mr. Balm's lawyer says it's Mr. Balm's view that Fracmaster should be kept going because in the long run there will be value there for the banks and the shareholders, and jobs will be saved. Unnamed sources say Mr. Balm is proposing to return as chairman, assume control over Fracmaster management and lend the troubled company about $20-million in a bid to steer it back to profitability and get better value for shareholders and employees. The move came less than one day after Fracmaster's board announced a deal to sell its assets to Houston-based UTI Energy for an undisclosed sum in an arrangement that would leave nothing for Fracmaster shareholders because it doesn't even pay off the company's secured debts.

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