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Gold/Mining/Energy : Phoenix Metals U.S.A. - PMTU
PMTU 25.790.0%3:33 PM EDT
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To: Chuca Marsh who wrote (57)1/20/1999 11:55:00 PM
From: Reeter  Read Replies (2) of 80
 
Chuca, as a shareholder of Phoenix Metals, I share your cautionary concerns about investments in the company, especially after seeing how the company paints a picture of the SEC investigation finding them to be exceptional and above industry standards. I suspect that the SEC is still lurking and watching, particularily if what a friend of mine is telling me turns out to be true. According to this friend, who passed through Searchlight last week and drove to the facility where he saw nothing going on. Local folks in Searchlight stirred him onto something very shocking. He reports that according to public records, the Las Vegas BLM has suspended the company's plan of operations using cinders, and there are several lawsuits pending in the federal court and the state courts in Las Vegas and one or more federal cases in Memphis, TN against Flahertys and their companies (they appear to have more than one Phoenix Metals and some of the lawsuits reportedly allege fraud and racketeering). My friend is going to check public records and confirm or dispel my worst fears, which I'll post as soon as I hear from him. Would appreciate word from anyone having knowledge of what is going on with this company. Is the recovery from cinders for real or have we been had? I understand the company and Flaherty have some restrictions regarding cinders imposed by several states: Washington, North Dakota, California and possible Arizona under the previous name of Vulcan.
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