Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Canadian REITS, Trusts & Dividend Stocks -- Ignore unavailable to you. Want to Upgrade?

To: a.handbag. who wrote (3669)	7/12/2002 6:46:45 PM
From: bill	Respond to of 11633

Hey, all, bad day at Black Rock. Took a drubbing on the Income Trusts. I, too, wonder what happened with ERF. Maybe just the US mkt. The DOW is starting to cut close to the bone. No fat left. Margin players have exited and now cash account holders are leaving. It wasn't just ERF. I had some miserable declines. GLH held up well. I think David's post re the American trust is indicative of what is happening. A rising tide lifts all boats but a falling tide lowers all boats. Doesn't matter how good the boat is. Remember how the DOW went up, and up, and up. and everyone kept saying WOW!, look at that. Every predicted top was broken. When it went through seven thousand, there was both consternation and cheering. There's no reason for it not to go down the same way--watch the FOREX, the US dollar is having a tremendous struggle against the EURO. There have been repeated interventions by the Japanese and lately by the Europeans and the Brits. All that happened was a momentary rise in the US dollar and then it started to fall again. Low interest rates, deliberate, concerted buying of the US dollar, coordinated attacks on gold --none of it is keeping the US mkt or the US dollar up. I'm sure not buying the dips. These knives are getting bigger and sharper and more dangerous to try and catch.

To: a.handbag. who wrote (3669)	7/12/2002 7:12:54 PM
From: Peter W. Panchyshyn	Respond to of 11633

On another tack does anyone know why ERF sold off today? ---- The below may have something to do with it ----------- El Paso Receives Subpoena Seeking Trading Documents (Update1) By Steve Stroth Houston, July 12 (Bloomberg) -- El Paso Corp., the largest U.S. natural-gas pipeline company, received a subpoena for trading records as authorities widen probes of sham energy transactions. The company's shares fell as much as 5.9 percent in late trading. The requests for documents related to ``round trip'' or ``wash trades'' came from the U.S. Attorney's Office in Houston, the company said in a statement. El Paso denied making any such trades and said it is cooperating with the request. Energy companies have faced a growing number of investigations since the December bankruptcy of Enron Corp. and subsequent reports of efforts to manipulate western electricity and gas markets. Earlier today, Duke Energy Corp. announced it also received a subpoena from the federal prosecutors in Houston. The announcement was made after the close of floor trading on the New York Stock Exchange. The shares fell as low as $16.70 after the close. They had fallen 35 cents to $17.75.

To: a.handbag. who wrote (3669)	7/12/2002 7:29:53 PM
From: Peter W. Panchyshyn	Respond to of 11633

On another tack does anyone know why ERF sold off today? -------- ""El Paso Energy acquires EGEM"" -------- -------- Below timeline for ERF.UN --------- 1985 - Enerplus Global Energy Management (EGEM) is created to launch first royalty trust in Canada 1986 - Enerplus Resources Fund completes a $9 million IPO and begins operating as Canada's first oil and gas royalty trust 1987 - Enerplus Resources Fund initiates Series B and completes a $50 million IPO 1988 - Enerplus Resources Fund completes another successful IPO with Series C raising $75 million 1989 - Enerplus Resources Fund launches Series D raising $26 million 1990 - Enerplus Resource Fund completes $17 million rights issue 1993 - Enerplus mergers Series A, B, C, and D into one fund, Series G and changes to open ended fund 1994 - EGEM acquires contracts to manage two additional trusts Westrock Energy Income Funds I & II 1995 - Enerplus and Westrock Funds acquire $68 million in assets 1996 - EGEM converts Mark Resources, a $500 million energy company, into EnerMark Income Fund; $180 million raised through equity financings 1997 - EnerMark acquires Quest Oil & Gas and concludes a $100 million equity finanacing 1999 - The Enerplus Group raises $51 million through rights issues; purchases Derrick Energy and concludes $27 million finanacing 2000 - The Enerplus Group acquires over $850 million in assets; El Paso Energy acquires EGEM; Enerplus Resources Fund merges with the Westrock Funds and becomes the first Canadian royalty trust to trade on the New York Stock Exchange 2001 - Enerplus Resources Fund and EnerMark Income Fund Merge to create the largest conventional oil and gas income fund in North America with an enterprise value of over $2 billion