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Gold/Mining/Energy : American International Petroleum Corp
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To: Sergio H who wrote (88)6/23/1997 12:15:00 AM
From: richard hawkins   of 11888
 
Sergio-

Don't despair. I still think we can make money on this flea-bitten dog (OLD), but the annual report just confirms what the market has already quite some time ago concluded: that management has a credibilty problem. This is only made worse by the withholding of information (such as the lapsing of the Coastal Corp. contracts and phasing into 2 parts the implementation of asphalt operations while indicating through press releases that they were "ready to roll" Mid-June) and the using of a public relations firm (Wall Street Assoc) as a buffer between shareholders seeking information and the company.

I think there is little downside risk in the stock because most everyone hates it already. Consider the positives once again:

1) We own the Lake Charles Refinery with its capacity to process 30,000 barrels crude per day and when PHASE TWO is completed (early 1998?) the asphalt processing begins and becomes cash cow.

2) We have the proceeds (approx $20 million cash & stock) from the sale of Columbian/Peruvian operations) which includes participation in the success of these operations under MIP going forward.

3) Kazakhstan, a big unknown, but big

4) $54,000,000 net tax loss carryforward- possibly attracting a suitor who might be interested in the other assets.
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