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Gold/Mining/Energy : American International Petroleum Corp
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To: Zeev Hed who wrote (1840)8/29/1997 8:48:00 PM
From: faris bouhafa   of 11888
 
Zeev, I wonder why it is that you have failed to take into account the following:

1. The last time George Faris issued Reg S shares he surprised many of the holders by redeeming them before they could be converted. He had not given them advance warning that he would do that. Many had shorted the stock and had to cover quickly. This time he has gone on public record stating that this new set of debentures WILL BE redeemed prior to the conversion date. Do you not trust him and, if so, why not?

2. There has been steady accumulation of this stock over the last week. Efforts to short the stock have been intermittant and have usually been met with block buying by someone.Is it possible that these (or this buyer)) buyers are ignorant of the dynamics that you warn us of?

3. You say AIPN is not worth the market cap of $100 million but fail to explain why you think that. The refinery, as you know from reading this thread, is estimated to have a re-sale value of about $40-50 million and is insured for more than that. So, just with the refinery you have half the market cap. The rest, of course, is apparently connected to the potential oil reserves in a region that every one and their brother is trying to get into.....and $50 million is a conservative estimation in my opinion.

4. When you look at the fundamentals of this company do you take into account that there might be political dynamics at play that might work in AIPN's favor?...or are you just looking at this story as if it were about a small wildcat operation looking for oil in Oklahoma, for example. Doesn't the fact that AIPN is partnered with the Kazaks give you some comfort? Or, will you only believe this story's potential if a major US oil partner comes into the picture to validate it? What if the partner turned out to be an entity other than a Western oil company?

5. If an investment firm were interested in purchasing $20 million of AIPN stock, don't you think that they would prefer to buy some of those shares from outgoing Board members and the rest on the open market?

And, Zeev, weren't you signing "Zeev at $1" recently or was that somebody else?

Cheers...Faris
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