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Gold/Mining/Energy : American Eco (ECGOF, ECX on Toronto exchange)
ECX 1.800+6.5%Dec 18 3:59 PM EST
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To: VALUESPEC who wrote (235)7/20/1997 1:40:00 PM
From: VALUESPEC   of 2841
 
Another post from DoJoWiz regarding why ECGOF might be priced as it is:

<<Subj: sell-off
Date: 12 Jun 1997 16:26:53 EDT
From: DoJoWiz
Message-ID: <19970612202600.QAA05169@ladder02.news.aol.com>

I obviously have no knowledge of what prompted todays sell-off. I remain convinced that the investment in EIFH is a black hole for ECGOF. AEC is only converting $1 million of the over 5 mil they are presently owed by EIFH into equity. This puts their stake at 38%. I wonder (and I'll rely on others accounting expertise) whether they are making sure to maintain a minority position so as not to have to include EIFH's results as part of AEC's? And
while Babe disagrees with my belief that there is a conflict of interest, no one has articulated any case for EIFH being a wise investment.

One potentially troublesome thing in the annual report was the arbitration dispute AEC was having with a customer wherein(tough to totally avoid all that legal talk:)) AEC was being sued for $19.3 million. I surely know how demands can be grossly inflated and the annual report had the usual language about how the outcome of litigation wouldn't materially affect the company. I never checked into this matter at all but I wonder if perhaps someone
has some news of an unfavorable development in the case.>>
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