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Gold/Mining/Energy : Royal Oak-RYO
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To: roger fontaine who wrote (1215)8/22/1998 2:48:00 PM
From: Michael Bidder  Read Replies (1) of 1706
 
Mr. Fontain,

Yes I agree the rumor may become fact.

Off topic: This from yahoo on the restructuring of a Japanese bank! It affects us in Canada more than you all think or are willing to discuss:

The troubled Long-Term Credit Bank of Japan on Friday announced a restructuring plan in which three top executives will resign and its 13 overseas outlets will close. The plan is being undertaken to enable a merger with Sumitomo Trust & Banking Co.....

1) Write off some 750 billion yen

2) Give up claims on 520 billion yen

3) Retreat from all overseas operations and combine or close domestic operations.

4) Cut 700 employees, or 20 percent of its workforce

5) Force the resignation of top management, including President Katsunobu Onogi.

6) Ask retired top management to return their retirement money.

7) Sell its headquarters building in Tokyo's Marunouchi district......."

Michael Bidder.....Canadia dollar 0.64 and falling
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