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Gold/Mining/Energy : Mongolia Gold Resources

MGR 20.90

-0.8%

Dec 5 9:30 AM EST

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To: Lilian Debray who wrote (2676)	9/24/1998 10:03:00 PM
From: Phil Jones	of 4066

Lilian: Thanks for the two info sources. As far as the Mongolian Bankruptcy Act, it seems to read awfully thin compared to Bankruptcy Acts in the U.S. and Canada. There's also the problem that the First National Bank of Mongolia has to take some action to collect its debt before the Bankrupty Act applies, and even when they do so, I read the Act as giving the Mongolian courts discretion to delay any proceedings for a year. And I can't help but think that the banks in Mongolia are not as cut-throat and in such a mad rush to collect as Western banks. Maybe MAC's officers are brothers-in-law with the Bank's president?! Guess all we can do is "watch and wait" [some more]. :(

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