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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion.
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To: StocksDATsoar who wrote (144472)5/25/2005 9:21:44 AM
From: Rocket Red  Read Replies (1) of 150070
 
Bre-X Minerals Ltd (C-BXM) - In the News
Van Sun/wire say Bre-X investors "waited too long"

2005-05-25 09:18 ET - In the News
Shares issued 219,103,330
BXM Close 1996-12-31 C$ 21.70

The Vancouver Sun reports in a Bloomberg dispatch Wednesday that Bre-X Minerals Ltd. investors who contend they lost $4 billion US when an Indonesian gold discovery was proven false waited too long to appeal a ruling denying them the ability to unify their lawsuits, a U.S. appeals court said. The unbylined item says the U.S. Court of Appeals for the Fifth Circuit in New Orleans ruled May 19 that the investors, who lost money in 1997 when Bre-X stock plummeted after the debunking of the gold find, had 10 days to file an appeal after a lower court in Texas denied them class-action status on March 31. "The courts of appeal uniformly require that a motion to reconsider be filed within 10 days," Circuit Judge Jacques Wiener wrote on behalf of the three-member appeals court panel. "We see no reason to deviate from this general rule." The investors filed their appeal of the lower court ruling April 14. The investors must now pursue their claims against former Bre-X Vi ce Chairman John Felderhof individually, leaving them with less leverage to force a settlement than if they had been granted class-action status. Shares of the Calgary-based company plummeted in early 1997, erasing a market value of more than $4 billion, when the company's claims of a gold reserve in Indonesia proved to be a hoax.
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