$0.09 close March 27, 1998 quoted on this post:
talk.techstock.com
However, BRE-X is not listed in exchanges anywhere. Perhaps, since it still has assets, in receivership; pink sheets in the US may be a source. BRE-X's business is in lawsuits and recovery process, now. Someday, the assets recovered may be exceeding the liabilities from stockholders' claims.
Stockholders' claim of losses can not be the paper value at some point in time; it has to be the cost of acquisition. Which is the problem in the last stock underwriting and distribution. Those stockholders only, has the claim. Those stockholders should claim against the underwriters and not the LTD entity. Other stockholders can have distribution, if they dissolve the LTD; and there are assets to be distributed. Otherwise, they still own the Bre-x minerals, LTD.
As we understand more of the extent of the BRE-X problems, the bankruptcy judge can be petitioned to put BRE-X back into receivership, instead of final bankruptcy; because of the mis-claims by some groups of stockholders, and the fact that claim should be against the underwriters and mis-information supplied by the individuals,in the company. Or because of the potential income from any lawsuits which should exceed the claims due to possible triple damage awards. |
