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Gold/Mining/Energy : Solv Ex (SOLVD)
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To: mqmsi who wrote (6208)1/12/1999 4:40:00 PM
From: JJB  Read Replies (1) of 6735
 
It is my understanding from talking to second hand sources (how is that for a qualifier?)

Attorneys in NM (and everywhere in the US) are precluded from advancing actual expenses, as that would be a violation of the attorney client relationship. Without getting into oxymorons this is a legal ethics based issue.

Cleary Gottlieb previously conducted substantial discovery. I guess I would value this effort at approximately .50 on the dollar since that what they sold the million dollar receivable to Bear Stearns (poppa bear?). If the JDs had waited a few more months they would have received 100%. Evaluation of this material was a major DD by Yetter and Warden before they put their very expensive talent into this.

The money raised came from current Solv-Ex shareholders, that have been on the same ride with the rest of us longs.

The majority of the funds are being used to battle the SEC. It is my understanding that they were willing to offer a slap on the wrist in exchange for a hold harmless type agreement. Solv-ex would not agree and needed adequate funds in defense (offense?) as this effort is coming from the corporate checkbook.

I believe this the article reference is as accurate as Manny's the lease isn't worth money statements. Interesting that it would be even mentioned.

jjb
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