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Gold/Mining/Energy : Starpoint Gold

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To: saul mikaliukas who wrote (1092)	4/10/1997 10:38:00 PM
From: Dick Roy	of 2378

Saul, Seems you misread my post. Rick was very discouraged about the situation and expected it would be futile to jawbone the Exchange further, since they were adamant about their position. That's all. In any event I would like to find out more about background of this Select Capital story To Chad and All: is this Select Capital based in Raleigh North Carolina? Does anyone have any further info about them? According to Rick there had been allegations but no conviction for some impropriety and according to Rick this co had no objection to disclosure of their identity to the Exchange when financing was being arranged by STS. Of course it seems strange that STS would have asked such a question to the financing party particulary if Exchange approval is needed to begin with. According to STS they have done lots of deals, some $400 million worth. Anyhow such a financing approach doesn't sound too professional on STS's part. Rick was in a hurry to leave the office and I didnt have a chance to query him further. So that's all I know so far. It's very difficult to put the pieces together here. Need more facts. What was the criminal activity? Any conviction or fine? If Select Capital is a U.S. co. it should be relatively easy to find out whether they have had some problem with the SEC. The bottom line is we need more facts before any determination can be made about VSE's injury to shareholders or whether it was simply bad luck or judgement, or inexperience and ignorance on STS's part. Let's collect the facts first, and await any further news from the field, then figure on whether there is any need or possibility of recourse by shareholders. I still think some kind of formal response should be forthcoming from the VSE, unless such a response would foreclose some avenue of financing that could more informally be discussed (once a regulatory body puts something in writing it is difficult to overturn any decision). But STS itself seems unclear about the details and merits of the allegations, whatever they are.

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