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Gold/Mining/Energy : American International Petroleum Corp
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To: Laserbones who wrote (4028)10/24/1997 5:50:00 PM
From: Cathi Wierzbicki  Read Replies (1) of 11888
 
Greg: Well, I'll let it slip that you didn't answer my question...:-)

I agree that AIPN's financials are poor. But, they do control 70% of a very promising concession in a very appealing area. That has monetary value, plain and simple. Even if they have to sell off some of it for less than they would like to get for it, it certainly would stave off any possibility of bankruptcy. Personally, I have found it very encouraging that the stock price has been rock solid in spite of the "floorless debentures." That certainly suggests to me that the debenture holders are either part of the deal, or that they are aware of standby financing that would render a raid on the stock futile.

There actually are lots of rumors flying around. Who knows how accurate any of them are. What we do KNOW is that Huddleston said there were "potentially" 1.1 billion barrels. Wavetech appears to be quite encouraging (if vague) to investors who call. They have stated that the preliminary report is complete and in the hands of AIPN and the JV. One investor who talked to Gary at Millennium reported that Gary confirmed that.

Naturally, none of this means that everything is a done deal. But, all in all, I certainly find it hard to understand pessimism at this point.

Cathi
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