....speaking of things favorable to the stock price:
(from this mornings ABQ Journal)
regards,
bigtoe
Saturday, February 10, 2001
Solv-Ex Again Files Chapter 11 Bankruptcy
By Aaron Baca
Journal Staff Writer
An Albuquerque company founded roughly 20 years ago to develop technology for extracting oil from Canadian tar sands has filed for Chapter 11 bankruptcy for a second time in four years.
Solv-Ex Corp. filed a voluntary petition with the U.S. Bankruptcy Court in Albuquerque on Feb. 1. The petition lists nearly $2.9 million in liabilities for the company and about $560,000 in assets.
The petition also shows Solv-Ex as having no income from its operations.
"We don't have any comment," said Frank Ciotti, the chief financial officer at Solv-Ex. "We can't comment beyond what is in the petition. That's a public record."
Solv-Ex lists seven creditors with secured claims against the company totaling nearly $276,000 and unsecured claims of $2.6 million.
A meeting of Solv-Ex's creditors has been set by the court for March 15 at the Office of the U.S. Trustee at 421 Gold SW.
Solv-Ex filed for Chapter 11 reorganization the first time during the summer of 1997. The company filed for similar protection in Canada that same year.
The company spent nearly a year in bankruptcy protection. It emerged in July 1998 having sold several of its assets outright, and selling shares of leases it held for tar sands in Canada to other oil companies.
Solv-Ex was founded in 1980 by engineer John Rendall on the idea of developing a technology to extract a tarlike substance called bitumen from tar sands in northern Alberta.
After extraction, the bitumen would be further refined into crude oil.
Just prior to its 1997 bankruptcy, Solv-Ex reported having spent more than $130 million on its technology. The company, however, had never shown a profit.
Rendall is listed in the bankruptcy petition as having resigned from the company in November last year. On the date of his resignation, Rendall was listed as owning 22.8 percent of Solv-Ex.
Shares of Solv-Ex once traded on the Nasdaq but the company was delisted from the exchange in the summer of 1997.
Copyright 2001 Albuquerque Journal
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