Exall Resources/Glimmer Resources Message Board

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Gold/Mining/Energy : Exall Resources/Glimmer Resources

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To: Mayer Tchelebon who wrote (525)	3/15/1998 12:47:00 PM
From: James N. Wilson	Read Replies (2) of 1319

Mayer - it was my understanding that a court appointed referee would not become available until April. The issues to be addressed are outlined in the below (1/28/1998 Stockwatch PR) - Mr Justice Rosenberg also directed that a further court proceeding a "reference" - consider which of the approximately $337,000 of costs("certain engineering costs") paid by Exall and charged to the joint venture as opposed to properly for the account of Exall alone. Finally, Mr Justice Rosenberg addressed the issue as to whether the ownership interest of a joint venturer which has been diminished by virtue of its failure to make monthly cash contributions can be restored by way of subsequent contribution in excess of a cash call. Mr Justice Rosenberg rejected Exall's argument that such restoration (claw back) of an interest was possible. The reference will ascertain the parties' respective ownership interest on the basis of the principles set out by the court on January 26 and 27 1998 and those set out in the court's reasons given in October of 1997 (Stockwatch October 30 1997).

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