Subject: BSR Group Status Update 12/22/98
Date: Sun, 20 Dec 1998 12:37:09 -0800
MESSAGE FROM: Rod Steel-
Hi gang!
The following was the document filed with the Alberta Court of
Queen's Bench on December 10th. The Justice's rulings (as I
understand them) are inserted in square brackets. With respect to
the shareholder advisory committee, I have been informed that our
group is being seriously considered for membership through the
person of myself. There were eleven applications, eight have
made the "short list" for interview and five will be chosen. Target
date for completion of the selection process is the end of January.
I have been contacted by a shareholder who believes that the
Diadem deal is a give-away (possibly several billion dollars
worth). I am in the process of gathering as much factual data as
possible concerning the value of our Indonesian properties and
the viability/cost of their development. If any of you have useful
information in this regard please call me at 1-800-334-4922. (if
this e-mail gets truncated let me know).
Rod Steel, Secretary, Executive Committee
BSR Group of Shareholders
>>>>
NOTICE OF MOTION
TAKE NOTICE that an application will be made on behalf of
PricewaterhouseCoopers Inc., as Interim Receiver and Manager
of Bresea Resources Ltd. (the "Interim Receiver"), before the
Honourable Justice Robert Cairns at the Court House, in the City
of Calgary, in the Province of Alberta, on Tuesday, the 15th day
of December, 1998 at 10:00 o'clock in the forenoon, or so soon
thereafter as counsel may he heard, for an the following Orders:
l. an Order authorizing and directing the Interim Receiver to:
a. continue to defend Bresea in all outstanding actions against it;
[granted]
b. explore the possibility of a comprehensive settlement of all
actual and potential claims against Bresea which may have merit,
and which would if implemented provide comparable treatment to
comparable claims, wherever the claimants may be resident or the
claims being asserted; [granted]
c. commit the estate of Bresea to any compromise of material
claims against it only with approval of this Court; [granted]
d. enter into an agreement for the lease or sale of the Bre-X
building, on terms to be approved by this Honourable Court;
[granted for lease only at this time]
e. redeem Bresea's shares in Bro-X Minerals Ltd., proceed with
the winding-up of Bro-X Minerals Ltd.. or take such other proper
steps as may be available to realize the value of Bresea's shares
in Bro-X Minerals Ltd.; [postponed]
f. proceed with the sale of the Bresea's shares in Camberly
Energy Ltd.; [granted] and
g. pass its accounts from time to time, rather than on a monthly
basis; [granted]
2. an Order authorizing the amendment of the name of the Interim
Receiver to PricewaterhouseCoopers Inc.; [granted]
3. an Order authorizing a settlement with Diadem Resources Ltd.;
[granted - this consists of 1M Diadem shares in exchange for the
$800K they owe Bresea and 600K Diadem shares for our share of
the Indonesian properties - Bresea would then own about 7% of
Diadem - Diadem does not have much working capital]
4. an Order authorizing the creation of a shareholders advisory
committee, to be constituted as this Court may direct; [granted]
5. an Order authorizing the Interim Receiver to interview
candidates and select up to five members for the shareholders
advisory committee, without further approval from this
Honourable Court; [granted] and
6. an Order directing that the Interim Receiver report back to this
Court on such date as the Court may direct. [unknown]
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