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Gold/Mining/Energy : AGM (VSE) AROYF (OTC) Ag Armeno Mines & Minerals
AGM 175.24-0.6%Jan 9 9:30 AM EST
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To: Mark O'Hara who wrote (293)8/4/1999 2:25:00 PM
From: Ed Fishbaine  Read Replies (1) of 317
 
Mark and all

As I read the news release it appears that the courts have completely tied up Merukh's finances. What can he do? Either he pays the $439 million which is impossible, or he negotiates a deal, or he declares bankruptcy. Bankruptcy would mean hs assets are auctioned off and the proceeds used towards paying Armeno. But he would be stupid to do this when he can negotiate and keep a piece of his assets for himself.

IMO it looks like AGM will be moving towards a settlement which will probably be more favorable than the initial contract with Merukh in which he would have gained control of AGM in exchange for his BATU HIJAU holding. Now AGM stands a good chance of acquiring this holding, or a significant piece of it, without Merukh in the picture. Or, if the negotiations include Merukh in some involvement in AGM he will certainly not have a control position.

The numbers are staggering. With 37 million shares, fully diluted, consider what the share price will be with any settlement. Take even the equivalent of a $40 million dollar settlement (based on BATU HIJAU value) and you have over a $1 share price. But again, in IMO, $40 million is a low ball figure.

Regards,

Ed
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