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Gold/Mining/Energy : Mining News of Note
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To: Madharry who wrote (29423)11/25/2008 2:44:58 AM
From: Nikole Wollerstein   of 193020
 
The stock was sold by the CEO’s broker after a decline in NovaGold’s share price below C$3 triggered the automatic repayment of a loan, Van Nieuwenhuyse said today in a telephone interview from Vancouver. The shares had been used as collateral for the loan, which he had used to increase his holding in the company, he said.

“All of the sale of the stock was out of my control -- it was under the control of the brokerage house,” Van Nieuwenhuyse said. “It was a contractual arrangement. That’s the way margins work, and a lot of people have been caught.”
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