International Precious Metals (IPMCF) Message Board

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Gold/Mining/Energy : International Precious Metals (IPMCF)

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To: Larry Brubaker who wrote (31445)	4/21/1998 7:50:00 PM
From: BillyZoom	Read Replies (1) of 35569

I apologize for taking so long to reply but I've been busy finalizing year ends for two of my corporations. The compensation paid to IPM by MGAU and NMCI for services rendered show up in the financials as "Advances" in "Other Assets" (depreciated 1997-$266,000 / 1996-$436,000). In 1997 it shows $109,000 (1996-$45,000) incurred by IPM for legal and secretarial fees provided by directors and legal officers so I read it as a depreciated $109,000 to shared management and $157,000 to shared administration. Regardless, it shows as an asset with the debit coming straight out of administrative expenses. What percentage Furlongs portion of the deal was can't be individually broken out. Hey, if you want to talk about fair compensation why don't we discuss Runyan at Maxam issuing himself 1,607,386 common shares for 2 years compensation a few years ago? At today's rate that's a little over $600,000 a year. And you thought a $260,000 CEO was a bad deal. Geeeeez Rob

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