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Gold/Mining/Energy : Pacific Rim Mining V.PFG
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To: David R. Schaller who wrote (10856)11/21/1998 2:10:00 PM
From: Quinn  Read Replies (1) of 14627
 
I would think that the entire case will be either thrown out or the damages will be very small. Why?, there are usury laws in Canada with 60% interest being the ceiling. This loan, I think, was for 10-% per month. Entire loan could be deemed bogus.
After reading the press release of Nov. 20, '98, I think Phillip's biggest exposure is his indemnity to PFG for their legal bill-which could be huge. The lawyers will milk this one for all it is worth.
On the documents he filed for his management takeover bid he stated he held personally 1.9 million shares plus and he also has purchase warrants coming due at $1.52 in January '99 plus he has a well established Chartered Accountancy public practice in Smithers, B.C. (I think he has the cash to make good on a indemnity contract)
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