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Gold/Mining/Energy : Tracer Petroleum (TCXXF)
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To: James Strauss who wrote (263)8/13/1997 7:21:00 PM
From: Geneat   of 1261
 
I smell something coming down. 180,000 shares traded today, down 1/16. Weak holders being shaken out? Somebody is buying a little, and it sure ain't shorts. The announcement is rather strange. Apparently, Tarkingto posessed the right to make the bid. I have never heard if a right to bid beingh salable. Is this something usual in the industry? For this Tracer pays with 7,000,000 shares of treasury stock deemed worth two bits a share, and Tarkington can't sell this stock for 180 days after date of issue, which will not happen unless the bid is successful. In fact the whole deal is off if the bid is unsuccessful. It must be a hell of a property if the mere right to bid is worth such a price. The property bid on has "signifigant PROVEN reserves". Sounds maybe good, but how does Tracer pay the price if the bid is successful? Can anybody clue us in on the underlying facts and how such a deal works? Geneat
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