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Gold/Mining/Energy : Mongolia Gold Resources

MGR 21.31

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Dec 12 3:57 PM EST

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To: Dave R. Webb who wrote (3293)	4/2/1999 2:09:00 PM
From: Phil Jones	Read Replies (2) of 4066

Dave & Ron, I've been trying to sort out the parties and rights. The court could come to various decisions as I understand matters: (1) MAC could pledge the security, did so, and TD now owns the 51%; OR (2) MAC could not pledge the security (since no MGR approval), MAC received $4M from TD improperly, and MAC still owns the 51% but owes $4M to TD. What it may come down to is whether the TD Bank was under a duty to independently check whether any conditions existed on MAC pledging the shares. If not, then (1); if so, then (2). And, if (1), the question comes up whether the debt to MGR carried through. Everyone on this thread seems to assume it would, but that's not so clear to me. Let's hope that the court decision comes out soon so we know better where all the parties stand.

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