This could be the reason we saw some heavy dumping out of Quebec! They salvaged what they could!!!
C-YA
Matt
Marleau, Lemire Inc -
Globe says brokerage shut down, probe launched
Marleau, Lemire Inc
MRM
Shares issued 5989921
1998-01-21 close $3.8
Thursday Jan 22 1998
The Globe and Mail reports in its Thursday, January 22, edition that Montreal
stock brokerage Marleau Lemire Securities is shutting down after failing to find
another firm to rescue its operations. The Globe's Karen Howlett writes that
parent Marleau Lemire said yesterday that its brokerage subsidiary is withdrawing
from all aspects of the business, including trading securities for the firm's own
account as well as on behalf of institutional and retail clients. All that will be left at
the end of the process is a publicly traded shell with $31 million cash in the
treasury. The announcement caps a string of woes for Marleau Lemire, including
steep losses from its ill fated foray into junk bonds and the abrupt departures of
co-founder Hubert Marleau and other executives in recent months. As well, the
Investment Dealers Association of Canada confirmed yesterday that it has
launched a probe into the firm's activities, including its involvement with scandal
plagued Ste Genevieve Resources.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
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