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Gold/Mining/Energy : Pegasus Gold (PGU) hits 52 week low
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To: rdww who wrote (198)12/4/1998 7:15:00 PM
From: dynamitehandler   of 199
 
I just received Pegasus Gold's third quarter results. I quote:

paragraph 2 entitled "chapter 11 update"
"...Holders of common shares in Pegasus Gold Inc. will not receive anything under the proposed Joint Liquidating Plan of Reorganization."

I would sell the shares I own except the brokerage commission would be greater than the proceeds from the sale of those shares.

I thank Werner Nennecker for this wonderful turn of events. Notice I am not saying that Pegasus Gold won't rise from the ashes, but if it does, it will be operating with capital provided from an entirely new group of common shareholders. All of the current common shareholders will have lost their entire investment. To those future common shareholders, I wish you luck with Nennecker. I won't be with you, however. Any CEO who would take nearly three hundred thousand dollars in annual bonus on top of his $350k salary while he's getting ready to screw the shareholders out of every penny of their hard-earned savings is not the sort of leader I care to follow.

It seems that when the times are good the executives of the company will always reap the handsomest profits through their stock options, but, when the times are bad, it's always the common stockholders who are screwed while the executives remain sheltered by their salaries and bonuses.
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