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Gold/Mining/Energy : Solv Ex (SOLVD)
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To: Gary L Schultz who wrote (5118)11/24/1997 1:36:00 PM
From: JJB  Read Replies (2) of 6735
 
Gary

I don't think anybody is expecting the SEC to save the shareholders. At this point most would be happy for for the SEC to not give away confidential technical information to foriegn based competitors. One Syncrude even wanted to make a cash offer for the assets! It would also be nice if the SEC would stop leaking incomplete information to the press.

Trade debts will be taken care of. Koch has every incetive for Solv-ex technology to work. This avoids the costly and time consuming permit process. They also own debentures for 2 million shares, which can only be executed after the company is relisted on Nasdaq. They have 25% minerals and are required to deliver clays for this purpose.

Principals still hold significant stakes. Court documents indicate Rendall at 12%. Clearly how current debentures of Phemex and GFL handled is crucial. Solv-ex alleges that GFL shorted into the market in violation of contract and SEC consent decree. US bankruptcy judge can review matters 90 days prior to filing (sometimes if fraud is found further). Should be interesting.

A group of shareholders are supporting a reissuance of shares. Not for the reasons you have indicated but to finally get and accurate accounting. We'll see what happens.

jjb

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