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Gold/Mining/Energy : Ultra Petroleum (UPL)
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To: Gerald Atwater who wrote (4422)10/1/1999 10:40:00 AM
From: LowtherAcademy   of 4851
 
Gerald,
I've been holding off posting, as I would like to hear the
specific wording the judge used in her ruling. However,
the following statements briefly distill my understanding of
the current situation:
In this hearing the Judge did not grant an injunction. The
reason for this non granting of the injunction is that she
did not believe that the property in question was unique, i.e., that when the case goes to trial, that monetary
damages would be adequate compensation to the loss the Partners suffered by AOW's actions.
That is all that was decided.
Furthermore, I believe that the case will be going to
trial in Pinedale. If there is any question as to the seriousness of this to the defendents as far as a large
monetary award being handed down, just as Western--same
judge.
Depositons and discovery will be coming around in the interim period.

I'm especially curious about the quote that is attributed
to Mr. Jarvis:
"Now we can get on with our business."
I can only wonder what that really means. As of today
with AOW non payment of the AFE for the well, the Gemini
property is kaput. On the 19th there will be a motion
to do a 10 for reverse split and the issuance of a lot of
warrants for further dilution. With the loss of the Gemini
property AOW's assets are severely diminished.

AOW posted a profit this past year. Gee that's great.
Anyone remember who the President was during that break through into profitability?
Well, these are just a couple of thoughts on the whole thing.
I'm waiting to see what happens next.
Regards to all,
Lew
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