>Does anyone else have any trust in any Indo, or Indo influenced company. Freeport
>has a good reputation, and if they operate there then they deal in the indo style, so
>they keep a chinese wall between US and Indo operations.
I read the annual report. They spun off Copper And Gold and their fertilizer operations into separate entities to maximize shareholder value.
I'm not sure what you mean by a Chinese wall. Please define your term.
I am not aware of the existence of any sort of formal Chinese wall as might exist, for example, in a brokerage firm between the retail sales end and the invesmtent banking end to keep information from flowing from one to the other. If that is what you mean, I doubt there is any sort of Chinese wall. Why should there be?
They are still subject to U.S. laws, because they are based in the U.S. That includes U.S. securities laws, plus whatever law will govern the JV agreement for Busang Indonesian Gold. More than likely, North American concepts of contract law, partnership law and fiduciary obligation will apply.
>I cannot guess your agenda.
I don't have one. I just hate to see people trash my investments.
>People here have had 50% more or less of their equity ripped off by the
>collective operation I call the bag of snakes, and you are trying to sort the snakes??
Actually, yes, I am trying to sort the snakes, because not all of them are bad. You will recall that this whole thing got started when Barrick became interested in Busang and called on Bush and Mulroney to put in a good word for them with the powers that be in Indoensia, hired some Suharto family members, etc.
Then you had the Bobsey Twins, Sudjana and Said, who tried to impose the 67-22-10 deal with Barrick on Bre-X. Sudjana was the good cop and Said was the bad cop. Now if, when you say "snakes," you are referring to those guys, I agree with you.
Well, people got bent out of shape over that: Bre-X because it did not like the deal with Barrick, elements of Indonesian society becauser they felt the country was being ripped off, and the more rational parts of the Indoensian mining and invesmtent community, who did not like the way laws and regulations were flouted to serve the interests of Barrick.
So, Suharto, feeling embarrassed over the whole mess, called inn Hasan to broker a deal. Suharto called Sudjana on the carpet, made him re-affirm the COW system. Hasan cut out Barrick gave the Indonesian interests 55 percent to satisfy nationalist demands for majority ownership, brought in Jim-Bob, giving Freeport 15 percent out of the Indonesian part of the pie, gave 30 percent to some charities and Askatindo, left the government its 10 percent, and left Bre-X, the discoverer with 40 percent. The final deal quite fair, IMHO.
>Hopefully now that the COWS are signed(are they?)
No, my understanding is they are not. See my prior post of the Dow Jones article. Suharto has "authorized" Sudjana to approve 68 of them. The article says Bre-X's is among the 68. I'm not sure I believe that part of the article just yet. We'll see how things develop.
In any event, per the Conference Call in February, Bre-X is not due to get its Cows until the end of this month. That deadline has not passed yet.
>a semblance of normalccy will
>return to the stock and the DD etc can go ahead.
The last thing on earth I want is a "sense of normalcy" returning to this stock, since "normalcy" for Bre-X seems to mean constant turmoil. I'd like some peace and quiet for a change! |
