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Microcap & Penny Stocks : Rocky Mountain Int'l (OTC:RMIL former OTC:OVIS)
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To: michael d kugler who wrote (31230)12/29/1997 12:58:00 AM
From: Kurt N  Read Replies (2) of 55532
 
I'm willing to concede that the Pilar Pilar de Caribe's current status is that it is 'a rusting hulk, half sunk near Lime Cay outside of Kingston Harbor.'.

The question to ask was it in the companys possesion at the time of the seizure OR did the company sell it to somebody else????

Either way it will be addressed in the forthcoming 10-k. And another thing, this is a most excellent misdirection track on your and S. Martin's part.

Kurt
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I think the order of events concerning the boat is as follows:

1. as of June 30, 1996 (ending period for the previous 10-k) the company didn't have
any of the CEA assets due to difficulties obtaining them, so they took a tax writeoff
(which makes sense)

2. Sometime before Sept 96, they recover the Pilar de Caribe from and refurbish it.

3. Sometime after this (which will be mentioned in the forthcoming 10-k) the asset got
disposed off. (and mentioned how it was disposed. Hopefully they sold it for some
$$$).

If they recovered money or the boat, the company would have to recognize it as
income since they took the tax loss for the prior year, minus any money spent
refurbishing it. (I think). Also this would be mentioned in the forthcoming 10-k.
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