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Strategies & Market Trends : Joe Copia's daytrades/investments and thoughts
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To: Pat MacD who wrote (13007)3/6/1999 8:45:00 AM
From: The Osprey  Read Replies (1) of 25711
 
Thanks Pat,
I am familiar with Blind Pools in Alberta.Blond Bear is a good example and for people who are wondering about a blind pool a shell is formed and capital is raised and a major transaction takes place to justify the raising of the capital within a certain period of time.This is oversimplifying it.I am from Canada also Pat.


Osprey
Edit:Here is the excerpt on the terms of financing that Pat and I am speaking about.

"As of September 30, 1998, the Company had a cash balance of $152,271. The Company also had a $2,000,000 revolving
line of credit with a financial institution and a $200,000 line of credit with one of the Company's shareholders. The lines of
credit were collateralized by substantially all assets of the Company and personal guarantees totaling $1,000,000 by two of the
Company's shareholders. Interest was payable monthly. Outstanding borrowings totaled $2,100,000 at September 30, 1998.
The outstanding balances were paid in full on October 8, 1998."
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