SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Gold/Mining/Energy : Exall Resources/Glimmer Resources
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: James N. Wilson who wrote (726)12/1/1998 8:12:00 AM
From: Winzer  Read Replies (1) of 1319
 
James,

Many thanks! TOM Capital is the outfit that is drilling on GME property?

I adjusted the FD GME to 8.2mln on my spread sheet (plus a currency conversion) and it still came in looking like +250% from present levels.

I read the "Legal" section of Form 61 (Quartely Report) and it appears that GME is also holding out for its "bargaining position" because it has significant ground to attain. i.e. I suspect/speculate that GME is claiming that EXL did not know the difference between "cash" and "kind" (e.g. buy a Scooptram for $50,000 saying the replacement cost is $150,000 and calling it a "cash" contribution). Nothing that a good lawyer couldn't fix ahead of time.

Based on my experience, and I am not saying that any of this happened in this case; but when original agreement is being "thrown together" the "stronger" of the JV partner would tend to "set up" smart clauses in an agreement where they may be able to "chisel" equity contributions from the "weaker/begging" JV'er.

To make a long story even longer, I read into this that GME is going after a greater than 50% ownership and operator status:

"After certain issues relating to due diligence expenses and management fees have been agreed upon by the parties or resolved by the ruling judge, the ownership percentages are to be determined on a reference to another judicial officer. The reference matter will be determined by the methodology used by Glimmer's forensic expert which concluded that Glimmer's interest exceeded fifty percent by January 31, 1997".

Any guesses as to how much above 50% GME's claim is?

Cheers Winzer
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News