<<Larry, what makes you think that property owned by Phoenix would just be given to Maxam?>>
Richard, I said I wasn't going to belabor this, but since you asked...<VBG>
The way I see it, IPM's sole asset is its right to mine BRX. But since that right is really owned by Phoenix/Omega, IPM really doesn't have any assets (unless there is some secret economic recovery process we don't know about--yeah, right).
So I see no point in Maxam offering to "buyout" IPM to acquire its assets AND ITS LIABILITIES, when they simply could acquire its assets from their friends at Phoenix/Omega WITHOUT having to acquire IPM's liabilities. That would seem to be in the better interest of MAXAM's shareholders.
Unless, of course, IPM's liabilities are owed to Phoenix/Omega. Then, the way I see this deal is Maxam saying, "OK, we are happy to salvage your IPM investment provided our buddies at Phoenix/Omega are paid $300,000 (or whatever the PP amount is). I guess that would be OK if its clear to the PP investors that their $300,000 to pay off IPM's "creditors" is really going to the pockets of Phoenix/Omega. However, from the sketchy information about the PP available on this thread, it certainly is not clear whether IPM's creditors is Phoenix/Omega.
And again, if IPM's "creditors" are not Phoenix/Omega, what is the point of Maxam buying IPM's liabilities when they could simply acquire its assets from Phoenix/Omega. |
