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Gold/Mining/Energy : Mongolia Gold Resources

MGR 21.45

+0.3%

Dec 24 12:45 PM EST

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To: Bearcatbob who wrote (2854)	11/20/1998 5:31:00 AM
From: Bill Jackson	Read Replies (1) of 4066

BCB, I note here that there is no 'sale' in the real sense of the word. To say that the asset was sold for $3 million is a fiction and no way on earth should MGR make an equal offer. This would be like buying the banks position at 100% face value. Now the bank has it's positon of 51%, and as a deep pocket partner can be expected to ante up it's share that MAC could not? The partnership obligations are not terminated with a 'sale'. Now if the bank will be a good silent partner and pay it's share and work can go on than all might well be fine. What if the bank wishes to hire 20 cronies to totally consume any profits/cash flow? How muc operating control will MGR have? Will the bank attempt to assert control via it's 51%? Many questions here. However one hopes that the bank will have deep pockets and if they ante up the unpaid MAC share, good, however this could be a thinly disguised attempt to steal the operation, and in that case it will have a chilling effect on all future Mongolian mineral development with foreign partners. Bill

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