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Gold/Mining/Energy : International Precious Metals (IPMCF)
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To: ddl who wrote (34961)3/23/2000 8:43:00 PM
From: Bill Jackson  Read Replies (1) of 35569
 
ddl, It looks like they may be accumulating the stock with a view to getting a compliant shell. This they can do by bringing the boooks and filing up to date. Often when they do this there is a reverse split of 10:1 to 50:1 that reduces all other holdings to minimal amounts and then the French company will sell themselves(called "vend in") to IPM in exchange for shares in an amount approved by the SEC in accordance with the value of the French company.
So let us say IPM of old has 30 million shares and they do a 30:1 reverse split. Now IPM has 1 million shares. Let us say the French company is worth $10 million and they give themselves to IPM and get 10 million shares worth a buck. That makes all the other 1 million shares also worth a buck or about 3 cents before the rollback. In effect IPM buys the French company but gives away so many shares that the French company ends up in voting control. Since IPM is bankrupt and discharged and has no assets other than the ability to get filing with some money and do this transaction it matters little how the reverse split goes.
I am not sure what the French company does, but if it the old bunch that ran IPM it could be a health insurance fraud. Of course it could also be a reputable french company.....in that case why pick IPM.
Something funny lurks here IMO

Bill
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