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Gold/Mining/Energy : International Precious Metals (IPMCF)
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To: d:oug who wrote (33534)8/1/1998 11:56:00 AM
From: knight  Read Replies (1) of 35569
 
Doug, If IPM is kept in tact and the Black Rock agreement as written is still binding, you cannot just sit on the property. Note the following from the 10-Q:

d) Diligently pursue the development of the Black Rock Property, provided that
there exists the economic merits of pursuing same. Further, in the event
that Omega has reasonable grounds to believe that the company is not
diligently pursuing development of the properties and can successfully
establish this to an arbitrator, then the company will be deemed to have
abandoned the Black Rock Property and ownership will revert back to Omega.

To me, this looks like you're going to have continue with R&D to Omega's satisfaction or you loose the property anyway. What kind of deal is this?
If there is a concern of loosing the BRX, ask yourself this; is there a bidding war going on for the property? I don't think there is, and this tells me that Omega would be willing to cut a deal. Only this time, make the deal favorable to the SH instead of the other way around.
The directors of this company have raised some serious capital in the past, lived high off the hog, and bankrupted the company. To even discuss a bail-out with these shmucks is ludicrous IMHO. Start out fresh with a new company and no baggage is the way to go.
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