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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: Bill Jackson who wrote (2856)11/20/1998 6:59:00 AM
From: David R. Schaller  Read Replies (1) of 4066
 
Bill, how a bank is going to proceed in a situation like this is an open question to me. In my experience, they often handle distressed properties in a distressing manner. I'm not holding my breath on this one. MGR's ability to raise cash in this market is also questionable. The fact that we had to sell stock to pay a $35,000 obligation, only adds to the general skepticism.

One thing to remember is that banks can wait a longggggg time to act if they chose to. At one time, I tried to rent a piece of property that a (foreign) bank had purchased at auction. They were unreasonable and wouldn't budge. The property is vacant to this day....8 years later. They have lost almost $200,000 in rent. Smart hugh? They seem to operate under a different set of rules.

Hope I'm wrong, Dave
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