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Gold/Mining/Energy : Parkcrest Explorations Ltd. (PKC) Harken (HEC) partner
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To: SnakeInATuxedo who wrote (215)11/23/1998 6:30:00 PM
From: Ed Ajootian  Read Replies (2) of 261
 
Lawrence,

As soon as we find out exactly how much of the total debt was forgiven we could then value PKC. Hopefully it was all of the debt and we will soon be the proud owners of about C$.50 a share worth of HEC stock.

This is not a happy day for the "Fast Eddie" portfolio but at this point I'm just happy to get some closure.

Its really a pretty ballsy move by Lipsett & Charuk. Kind of reminds me of a buddy of mine who played some blackjack with me once and had lost several $100. On the way out of the casino he stopped at the roulette table and bought chips equal to the amount he lost and put them all on "red". This gave him slightly less than a 50 -- 50 shot at either getting back even, and a slightly higher than 50 -- 50 shot at getting twice as poorly in the hole.

If HEC hits on Islero, HEC stock goes to $5 and PKC stock goes to about C$1. If HEC misses on Islero, either the deal gets voted down by the PKC shareholders or PKC stock goes to about C$.15.

As much of a gambler as I am, this is not what I had in mind when I bought a ton of this stock a year or so ago. I like to gamble when the cards are in my favor more. Trying to decide what to do here.

P.S. My buddy won his bet!
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