Rik,
We are talking about Robert Lamond,formerly of Orbit Oil and Gas.I have posted a Globe article to clarify for Tusksters my previous comments on Bob Lamond.
Canada Stockwatch
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Orbit Oil & Gas Ltd -
Globe says bitter takeover battle ends
Orbit Oil & Gas Ltd ORBShares issued 428008041998-01-07 close $1.77Thursday Jan 8 1998Also Humboldt Capital Corp (HMB.A) The Globe and Mail reports in its Thursday, January 8 1998, edition that Sunoma Energy acquired Orbit Oil & Gas yesterday by increasing its bid 4 per cent to $82.8 million, ending a bitter takeover battle. The Globe's Brent Jang writes that Orbit founder Robert Lamond got his financial advisers to negotiate through the night by telephone with Sunoma executives and their advisers. By 3 am Calgary time yesterday, the suitor threw an extra $3.3 million into the pot and Mr Lamond decided that it was a good time for Orbit to cash in. Sunoma will also redeem $8.9 million in Orbit preferred shares and inherit $9 million in debt. Mr Lamond said he was sad to lose Orbit, but happy to get a good price. He controls more than one fifth of Orbit's common shares valued at more than $18.8 million and will personally receive at least $8.2 million, including stock options, plus pick up a severance cheque of almost $900,000. He owns a 59 per cent stake in Humboldt Capital, which is a major Orbit shareholders that will collect $10.6 million. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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