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Gold/Mining/Energy : International Precious Metals (IPMCF)
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To: Joe Hartenbower who wrote (29996)1/19/1998 7:11:00 PM
From: Gerald Walls  Read Replies (2) of 35569
 
Understand and thanks for the correction. Do you know who the company is in default to and what the details of the situation are? Why are they finding it necessary to negotiate? You say that if negotiations failed, it "could have a negative effect on the liquidity and capital resources of the company." Do they have anything in excrow to cover this "debenture in default"? Has anything changed since the last 10 Q filing? Surely you or the others must know all the facts of the case in order to be this upset. What are they? There are usually two sides to every story.

Good questions. Do you have the answers or are you just assuming that everything is OK? Usually a borrower negotiates with a lender when the borrower can't repay the loan. Have you heard anything to the contrary? Surely you must know all the facts of the case in order to be so unconcerned.

Besides, the question is not the defaulted debt, but is instead the $1,000,000 that they "loaned" interest free to Namibian Copper so they could, among other things, pay salaries to the same people who approved the "loan". This "loan" was later converted to equity meaning it will never be paid back and the only way the money can be recovered is by selling the shares. The "loan" was converted at about $1 per share. What are they worth now?
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