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Gold/Mining/Energy : CDN. MOMO PUPPIES

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To: gemsearcher who wrote (12180)	10/19/1999 1:34:00 PM
From: Ron Schier	Read Replies (2) of 36688

Right, Monday Oct 18 1999 The National Post reports in its Monday, Oct. 18, edition that a group of shareholders of Hurricane Hydrocarbons is preparing for a battle with bondholders who have applied to an Alberta court to force the company into bankruptcy. The National Post's Carol Howes writes that Brian O'Leary, a Calgary lawyer, says he will make an application on Oct. 29 in the Court of Queen's Bench of Alberta to cross-examine the bondholders who are refusing to accept a restructuring plan that would see shareholders retain their equity while bondholders would be repaid over time. A failed restructuring would give bondholders 97 per cent of the company. Mr. O'Leary says bondholders are not interested in talking about restructuring. Mr. O'Leary's clients represents 31 per cent of Hurricane's outstanding shares. Mr. O'Leary says he does not understand why the noteholders are proceeding with the bankruptcy application despite a viable alternative under CCAA. Mr. O'Leary says the court will not approve a bankruptcy. He says Hurricane is not insolvent.

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