Hi Kenneth,
My number 1 pick for a crooked newsletter writer is JAMES U. BLANCHRD III.
My reason is this. I recieved his newsletter MINING SHARE FOCUS the November issue on Wednesday. In this issue he featured St.Genevieve Resources,KWG Resources,Spider Resources,Genoil Inc and EAGI.
All of these companies are part of the St. Genevieve group of companies. He stated that most junior mining companies would LOVE to have an interest in one of their WORLD-CLASS projects. He then goes on and says that each property could make breaking news at any moment..LOL.
His report on these companies was so glowing I didn't need to turn my lights on to read the report. Anyway, this is what happened a day later to all these companies.
NEWS RELEASES FOR THE COMPANIES THAT MR BLANCHARD JUST HAD IN HIS NOVEMBER ISSUE OF HIS NEWSLETTER...LOL
St Genevieve Resources Ltd -
Genoil's missing US$5 million a
mystery so far
St Genevieve
Resources Ltd
SGV
Shares issued
84271527
1997-11-26 close
$0.17
Thursday Nov 27 1997
See Genoil Inc (GNOL) Street Wire
by Brent Mudry
More details on the mysterious disappearance
of US$5 million from Genoil's bank account
should be available within a few days,
according to a newly-hired lawyer for the
company, a member of Pierre Gauthier's St
Genevieve group. Calgary lawyer Richard
Wilson of McCarthy Tetrault, hired by Genoil
three days ago, told Stockwatch he expects to
have more news by Tuesday. Genoil issued a
press release on Thursday revealing an
unauthorized "withdrawal" of US$5 million
from its account, "in favour of" another
company in the St Genevieve group. At a
meeting Wednesday night in Montreal, Genoil's
entire board, consisting of Mr Gauthier, chief
executive Walter Ziegler, Yves Grou and Denis
Cardinal, denied authorizing the dubious
transaction.
Mr Gauthier, the chief executive of St
Genevieve, revealed at the meeting that the
money was transfered to one of the St
Genevieve companies, according to Mr Wilson.
Mr Wilson notes that Mr Gauthier revealed the
person he claims was responsible for the
transfer, but the lawyer declined to identify the
alleged person. "We are investigating," he told
a reporter. Mr Gauthier did not return calls on
Wednesday, while Mr Ziegler, who flew to
Cuba for meetings Wednesday night, could not
be reached for comment.
Mr Wilson notes the US$5 million transaction
first came to light on Monday, and he phoned
Genoil's banker at Wellington West Capital,
who confirmed the money was missing.
Although the press release characterizes the
transaction as a "withdrawal," Mr Wilson says
he does not know exactly how the money was
transfered yet. When asked whether there is
any possibility of potential criminal activity, Mr
Wilson declined to comment, as he is not a
criminal lawyer. When asked of the possibility
of civil fraud, the lawyer says it will depend on
the circumstances of who and how the transfer
was authorized.
As part of the investigation, Mr Wilson and his
Montreal associate lawyers are examining how
Genoil can recover the missing money. On
Tuesday, Genoil disclosed the resignation of
Peter Miller as chairman, but Mr Wilson says
he does not know of any linkage between Mr
Miller's departure and the US$5 million
transfer. Mr Miller also resigned as president
and CEO of St Genevieve and as director of
two other companies in the St Genevieve
group, Spider Resources and Emerging Africa
Gold.
Genoil raised $20.6 million in a financing in
July 1996. The St Genevieve group raised more
than $109 million in equity financings in the
first seven months of 1996, including Genoil's
$20.6 million, $33 million for Emerging Africa
Gold $33 million, $37 million for KWG
Resources, $10 million for Itec-Mineral and $9
million for Far East Gold. Other companies in
the St Genevieve group include Strategic
Exploration and Explogas.
(c) Copyright 1997 Canjex Publishing Ltd.
canada-stockwatch.com
I am not finished yet.
St Genevieve Resources Ltd -
Motion filed to request meeting of
creditors; directors resign and new
director appointed
St Genevieve
Resources Ltd
SGV
Shares issued
84271527
1997-11-26 close
$0.17
Friday Nov 28 1997
Mr Pierre Gauthier reports
St Genevieve Resources has filed a motion
requesting an order for the convening of a
meeting of creditors and other conclusions in
accordance with the Companies' Creditors
Arrangement Act. With its motion, St
Genevieve has also filed a preliminary
restructuring plan providing for a downsizing of
its operations and investments with a view to
retaining only those assets that are viewed by
management as being essential to the future
viability of the enterprise.
In addition, management is currently reviewing
the circumstances of the unauthorized
borrowings by one or more members of the St
Genevieve Group of companies from two other
member companies, Genoil Inc and Emerging
Africa Gold (EAG) Inc, of US$5,000,000 and
CDN$14,784,000, respectively, with the
proceeds having been used for the Ametistovoe
project in Russia.
St Genevieve, similar to other mining
companies, has suffered an inability to raise
capital due to record low prices in base and
precious metals (particularly gold) and the
resultant decrease in share prices.
Mr R.R. Faucher, who recently joined the St
Genevieve Group of companies, has been
appointed by the board of directors to head the
reorganization team.
Also Messrs Harpal Randhawa, Hubert
Marleau and Stephen Sharpe have resigned as
directors and Mr Alain Taillefer has resigned
as a director and vice-president, finance.
(c) Copyright 1997 Canjex Publishing Ltd.
canada-stockwatch.com
Hold on there's still more.
St Genevieve Resources Ltd -
TSE listing under review
St Genevieve
Resources Ltd
SGV
Shares issued
84271527
1997-11-26 close
$0.17
Friday Nov 28 1997
The TSE advises that the common shares of St
Genevieve Resources are under review for
eligibility for continued listing.
(c) Copyright 1997 Canjex Publishing Ltd.
canada-stockwatch.com
Still more.
St Genevieve Resources Ltd -
Post says Gauthier's empire troubled
St Genevieve
Resources Ltd
SGV
Shares issued
84271527
1997-11-26 close
$0.17
Friday Nov 28 1997
See KWG Resources Inc (KWG) In the News
The Financial Post reports in its Friday edition
that KWG Resources has filed for court
protection against creditors and said it is
reviewing the circumstances surrounding
unauthorized borrowings from two of its
affiliates. Reporter Peter Kennedy says that in
a statement released shortly after stock
markets closed on Friday, KWG, a
Vancouver-based mining junior, said the
review involves more than $20 million
borrowed from Calgary-based Genoil and a
second affiliate, Emerging Africa Gold. KWG
is part of Montreal promoter Pierre Gauthier's
St Genevieve Resources mining group. The
money was used to finance a Russian gold
project known as Ametistovoe, according to
KWG. Company officials including Mr
Gauthier were unavailable to answer questions
on Thursday. An analyst says that St
Genevieve raised $120 million last year from
six financings and shareholders will be
interested to know where and how that was
spent. KWG says its problems are due mainly
to recent declines in the price of gold and base
metals. Doug Leishman, a mining analyst at
Yorkton Securities, says he stopped following
the companies because he had no confidence
in management.
(c) Copyright 1997 Canjex Publishing Ltd.
canada-stockwatch.com
I already posted this but I love to read this one.
KWG Resources Inc -
Genoil's missing US$5 million a
mystery so far
KWG Resources Inc
KWG
Shares issued
22180479
1997-11-26 close $0.37
Thursday Nov 27 1997
See Genoil Inc (GNOL) Street Wire
by Brent Mudry
More details on the mysterious disappearance
of US$5 million from Genoil's bank account
should be available within a few days,
according to a newly-hired lawyer for the
company, a member of Pierre Gauthier's St
Genevieve group. Calgary lawyer Richard
Wilson of McCarthy Tetrault, hired by Genoil
three days ago, told Stockwatch he expects to
have more news by Tuesday. Genoil issued a
press release on Thursday revealing an
unauthorized "withdrawal" of US$5 million
from its account, "in favour of" another
company in the St Genevieve group. At a
meeting Wednesday night in Montreal, Genoil's
entire board, consisting of Mr Gauthier, chief
executive Walter Ziegler, Yves Grou and Denis
Cardinal, denied authorizing the dubious
transaction.
Mr Gauthier, the chief executive of St
Genevieve, revealed at the meeting that the
money was transfered to one of the St
Genevieve companies, according to Mr Wilson.
Mr Wilson notes that Mr Gauthier revealed the
person he claims was responsible for the
transfer, but the lawyer declined to identify the
alleged person. "We are investigating," he told
a reporter. Mr Gauthier did not return calls on
Wednesday, while Mr Ziegler, who flew to
Cuba for meetings Wednesday night, could not
be reached for comment.
Mr Wilson notes the US$5 million transaction
first came to light on Monday, and he phoned
Genoil's banker at Wellington West Capital,
who confirmed the money was missing.
Although the press release characterizes the
transaction as a "withdrawal," Mr Wilson says
he does not know exactly how the money was
transfered yet. When asked whether there is
any possibility of potential criminal activity, Mr
Wilson declined to comment, as he is not a
criminal lawyer. When asked of the possibility
of civil fraud, the lawyer says it will depend on
the circumstances of who and how the transfer
was authorized.
As part of the investigation, Mr Wilson and his
Montreal associate lawyers are examining how
Genoil can recover the missing money. On
Tuesday, Genoil disclosed the resignation of
Peter Miller as chairman, but Mr Wilson says
he does not know of any linkage between Mr
Miller's departure and the US$5 million
transfer. Mr Miller also resigned as president
and CEO of St Genevieve and as director of
two other companies in the St Genevieve
group, Spider Resources and Emerging Africa
Gold.
Genoil raised $20.6 million in a financing in
July 1996. The St Genevieve group raised more
than $109 million in equity financings in the
first seven months of 1996, including Genoil's
$20.6 million, $33 million for Emerging Africa
Gold $33 million, $37 million for KWG
Resources, $10 million for Itec-Mineral and $9
million for Far East Gold. Other companies in
the St Genevieve group include Strategic
Exploration and Explogas.
(c) Copyright 1997 Canjex Publishing Ltd.
canada-stockwatch.com
Now, how can this BLANCHARD guy do such a glowing report about all these companies in the same newsletter and a day later
"BANG" there all BANKRUPTED.
If he(BLANCHARD)doesn't get investigated for this then something is definitely wrong in China town.
WTG BLANCHARD, I hope your subscribers love you for this one.
GOLDIGER. |
