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Gold/Mining/Energy : Royal Oak-RYO
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To: roger fontaine who wrote (1632)3/3/1999 2:30:00 PM
From: Michael Bidder  Read Replies (1) of 1706
 
Roger,

Excert from the financial post:

..... There were early indications yesterday that it is unlikely all of Royal Oak's creditors will get back their money. The monitor's first report to the court, dated Feb. 26, concludes the company has a market value "in excess" of $250-million (Cdn). The evaluation would cover more than $120-million due to Trilon, about $35-million owing to three banks that covered the company's ill-fated gold hedging program and, finally, creditors and builder's liens against the Kemess project. It's unclear how much money will be left over to pay back $175-million owing to Royal Oak's debt holders... canoe.ca

Therefore stockholders equity is zero!

The TSE insists this stock meets trading requirements while Amex believes it doesn't. Perhaps the American system operates to a higher standard?

Regards,
Michael Bidder
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