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Gold/Mining/Energy : Gendis TSE:GDS.A
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To: Robert Salasidis who wrote (60)4/29/1999 6:22:00 PM
From: SAM-DAN  Read Replies (2) of 81
 
That's part of the story,Robert.Not only Pioneer is up but Fort Chicago is knocking on $7.00 again and Gendis stock is worth dollar for dollar based on their holding of stock of Fort Chicago which is their interest in the Alliance Pipeline.Final approval from Canadian Enviromental Agency should be received any day now.
Sources say that Franklin Mutual Fund has now sold out its position in Gendis[that was their last million shares that went through.]So the overhang is gone.
Would expect that with oil prices up Richardson may be more apt to honor his commitment to buy Gendis's holding in Tundra and settle the suit.Hope that Gendis gets compensated for having to sell shares of Pioneer because Richardson reneged on the deal.
Mr A. Cohen can step aside with honour after guiding this company through the ups and downs of Papermate pens, Wilkinson Blades, Watches, Metropolitan Stores original purchase and the seeming losing fight with Walmart.
Sony was his most brilliant ,farsighted achievement and in spite of the company's recent difficulties ,he can take solace in his achievements.
Not so sure there shouldn't be more housecleaning in the present management of Gendis but perhaps other moves are contemplated.The stock is on the way back up.But it has a long way to go.SAAN would seem to be the first major obstacle that either has to be turned around or sold before the company can become a straight Resource play and achieve the multiples that higher oil and gas prices would attract.
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