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Gold/Mining/Energy : Maxam Gold Corp. OBB:MXAM
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To: Richard Mazzarella who wrote (8425)5/18/1999 12:17:00 PM
From: Char  Read Replies (2) of 11603
 
Richard, one thing I learned talking with Dick Steves is that there are some logistics problems that need to be worked out before the spin-off shares can be issued.

It seems the shares will be restricted. For how long, I'm not sure but I would suspect at least one year. Anyway, the problem is that MXAM is not sure how to get the shares into the stockholders hands. A lot of the MXAM shares are held at various brokerage firms in street name and it seems that brokerage firms will not hold shares that are restricted. The brokerage firms also don't like to give out their client list since some people who leave their shares in street name do it for secrecy purposes. Right now MXAM is not sure how to even get a list of shareholders on the date of record for the spin-offs.

I guess we'll just have to wait and see how they solve the problem.

Char
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