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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies.
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To: hugh thorne who wrote (3624)1/15/1997 1:28:00 AM
From: Gerald R. Lampton   of 28369
 
>then it should mean that ABX and BXM do not have a legally
>binding deal as it would still be subject to conditions.

Just so no one is mislead, a "legally binding agreement" can have "conditions." All a "condition" requires is for a specified state of affairs to be present or event to take place before a contractual obligation must be performed. The non-occurrence or failure of the "condition" would discharge the performance of the obligation subject to that condition, but the overall agreement is still binding.

So Bre_X and Barrick may or may not have a legally binding agreement. It will probably require years of litigation to find out for sure.

I am speculating, but I cannot imagine that Walsh, having the clear intelligence and/or sound advice to guide this matter toward an auction process, would not also have the smarts to include a clause in Bre-X's "legally binding agreement" with Barrick allowing Bre-X to opt out if a better deal comes along and Barrick does not want to at least match it.

If it is my place to judge, I think Walsh also seems to be doing a pretty good job. People criticize him in general terms, but what, SPECIFICALLY, has he done wrong and why?
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