Hi Snorkel:
Earlier I posted and stated I do not believe Vescan will ever trade again and I also said I thought people behind scene greatly profited. I further stated that a number of private companies bought properties from prospectors and sold them to Vescan at extreme mark ups. In addition, I stated Vescan owed about a million in debt.
Debt collectors, lawyers and researchers provided to me the following information in regards to Vescan.
The following private companies are associated with Vescan via property and stock deals:
517338 BC Ltd
CB Consultants
G&W Investments
Trimac Financial Corp.
United Business Corp.
Vescan has accumulated debt and the following are a few companies that are owed money as a result of Vescan operations. There are many more companies at Vancouver:
Air Tindi
Northern Helicopters
Johnson Buiding Supplies
Weaver & Devore
Yellowknife Hardware
Matonabee Petroleum
TC Propane
Ralph's Radio
Deakin Equipment
Kalvik Mining Services Ltd
Fortune Minerals
Neville Crosby
Vescan will soon inherit a environmental responsibility that will quickly become a liability. The permit for the camp is about to expire. If camp not removed and if the site is not cleaned up there will be big trouble. Once the notice is served and if nothing is done by Vescan the Government will begin a series of individual daily fines. These fines will each be separate and each fine will be for 5,000.00 per day. If Vescan fails to deal with the situation and fails to pay the fines the government will hold the directors responsible for fine payment.
When Vescan abandoned the camp it was full of employees and these persons were also abandoned. The company left 3 student geologists, 2 senior geologists, 2 prospectors and a cook in the field. The geologists were never paid and the prospectors and cook were contractors who were never paid.
Fortune Minerals made an emergency landing at the camp and hired two geologists and transported them to Fortune's camp. Kalvik Mining Services flew in and removed the other Vescan employees. No Vescan field employees were ever paid.
What amazes me is that after all the above Vescan managed to keep trading. Our advisors also inform us that they believe one of the private companies listed above as being associated with Vescan through property and stock deals and one of the individuals associated with property and stock deals were issued 38,000,000 shares after all the above mentioned trouble. They also believe most of that stock was sold. If that stock sold at 0.01 cents it would still be worth $380,000.00. I wonder which company and which individual are involved.
I have no doubt Vescan will never trade again. Why would the directors want to trade again? There is too much debt and I doubt any audit could be passed.
It is unfortunate that so many innocent people have been burned. I feel for the former field employees, in particular the student geologist who worked most of the summer for nothing and returned to school broke. I also feel for the contractors that never collected their debt. What about the share holders who paid for the stock?
There may be some revenge against Vescan directors when the government takes action over the land use permit but again,, some innocent people will be burned. There are some good people I have met through all of this and some of us were hurt big time.
I think it is time to unhitch the saddle and drop the reins. You can not ride a dead horse but if you stay on too long we can also be eaten by the vultures.
Trevor |
