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Non-Tech : Auric Goldfinger's Short List -- Ignore unavailable to you. Want to Upgrade?

To: afrayem onigwecher who wrote (10532)	10/9/2002 9:15:46 PM
From: StockDung	Respond to of 19428

Japan's Nikkei Drops to Lowest Since March 1983; Sony Declines By Tomoko Yamazaki and Yukiko Takai Tokyo, Oct. 10 (Bloomberg) -- Japanese stocks fell, driving the Nikkei 225 Stock Average to its lowest level since March 1983. Sony Corp. and other exporters fell as the New York Stock Exchange's broadest decline in more than four years increased concern sluggish U.S. demand may erode their earnings. Lenders such as Mizuho Holdings Inc. dropped after a newspaper report said the Bank of Japan, in a policy statement to be released as early as today, will urge the government to use taxpayer money to help banks dispose of bad loans. The central bank meets today for a two-day policy meeting. Exporters rely ``on the U.S. market and if there's a slowdown, which is bigger than what they have anticipated so far, it will really be a big problem,'' said Hakan Hedstrom, who manages about $1 billion in Japanese equities at Commerz International Management (Japan) Ltd. ``There's a risk that the banks may be nationalized.'' The Nikkei 225 fell 198.42, or 2.3 percent, to 8340.92, as of 9:41 a.m. Tokyo time. That's the lowest level since March 28, 1983. The Nikkei has lost four-fifths of its value since reaching its highest level in December 1989. The Topix index shed 18.07, or 2.1 percent, to 826.22. Computer-related companies and automakers that depend on U.S. demand accounted for more than a third of the index's drop. Nikkei 225 futures for December delivery lost 120 yen to 8390 in Osaka and shed 130 yen to 8390 in Singapore. Exporters fell after most shares in the U.S. stock market slumped with more than six stocks down for each that gained on the NYSE. That's the exchange's broadest decline since August 1998. The Standard & Poor's 500 Index slipped to a five-year low. Sony, the world's No. 2 maker of consumer electronics, slumped 90 yen, or 1.8 percent, to 4,950. Kyocera Corp., the world's biggest maker of ceramic packages for semiconductors, declined 200 yen, or 2.7 percent, to 7,160. `Less Hopeful' ``We're less hopeful of a U.S. economic recovery and are shifting more money to companies that earn domestically,'' said Takashi Miyazaki, a senior strategist who helps manage $8.1 billion in equities at UFJ Partners Asset Management Co. In orders placed before the market opened today, overseas investors sold more shares than they bought for a 14th day according to orders taken from 12 brokerages before the market open. The net selling totaled 23.7 million in shares. ``Selling from overseas investors is increasing'' because of the weak outlook for the U.S. economy and stock market, said Katsuyoshi Fujita, a manager at Utsumiya Securities Co. Record Low Mizuho and UFJ Holdings Inc., which yesterday slumped to record lows, extended their declines. Mizuho, the world's largest bank by assets, slid 11,000 yen, or 6.4 percent, to 160,000. UFJ, Japan's No. 4 lender, dropped 9,000 yen, or 5.1 percent, to 165,000. The Bank of Japan may urge the government to infuse public funds into banks if they are under-capitalized as a result of tougher appraisals of bad loans and an increase in loss provisions as early as today, the Nihon Keizai newspaper reported. ``The injection of public money into banks will only be part of the solution and will only prevent problems from getting worse,'' said UFJ Partners' Miyazaki. Sumitomo Trust & Banking Co. shed 7 yen, or 1.4 percent, to 497 after Japan's sixth-largest lender cut its first-half net income estimate by 54 percent, becoming the second major Japanese bank to revise its earnings estimates this month. Shimadzu Rises Shimadzu Corp. saw many more buy orders than sell offers, meaning it couldn't trade under exchange rules. Shares were last offered at 281, up 7.7 percent, from their previous close. Koichi Tanaka, an engineer at the precision tools and equipment maker, won the Nobel chemistry prize for developing methods to analyze biological proteins.

To: afrayem onigwecher who wrote (10532)	10/10/2002 11:42:37 AM
From: StockDung	Read Replies (1) \| Respond to of 19428

Edison Flies Staff to Luxury Resort as Some Schools Lack Books By David Evans Colorado Springs, Colorado, Oct. 10 (Bloomberg) -- Edison Schools Inc., under fire for failing to supply all the required textbooks and educational materials to schools in Philadelphia and Chester, Pennsylvania, hosted a three-day, $300,000 conference for its employees and school principals this week at a five-star resort in Colorado Springs. Edison gathered more than 175 staff members at the Broadmoor, a Rocky Mountain hotel with three golf courses, 10 restaurants and a 3,000-bottle wine cellar. At the same time, the Chester district is threatening to fire the company next week because, it says, Edison didn't deliver required computers and books. Teachers' union officials in Philadelphia, Edison's largest district, say some Edison schools are waiting for books and other supplies five weeks into the school season. ``I'm dumbfounded,'' said Thomas Persing, chairman of the Board of Control that runs the Chester schools, when told details of the Colorado conference. ``I have to question their priorities. I'm disappointed that we haven't received the supplies that they're obligated to provide under their contract.'' Edison, the largest private manager of public schools, has recorded losses of more than $300 million since entrepreneur Christopher Whittle founded the company 10 years ago. Its shares plummeted 99 percent this year, closing at 20 cents in Nasdaq Stock Market trading yesterday. Philadelphia schools Chief Executive Officer Paul Vallas has withheld $4 million in payments from the company, he said, because Edison hasn't provided required financial documents that would protect the city's schools if Edison filed for bankruptcy. Items on `Backorder' Edison spokesman Adam Tucker said the company intends to meet its obligations to Philadelphia, where it manages 20 schools. He said Edison hadn't delivered about 20 percent of school supplies because ``there are some items that are backordered.'' Tucker said Edison's nine Chester schools would receive their supplies if the company's negotiations with the district result in Edison getting more money than called for in its contract. ``As soon as our contract is resolved, we'll absolutely make sure the schools have what we're obligated to deliver,'' Tucker said. The conference, which began Monday and was called ``Navigating Edison Schools Wisely,'' comes at a time when Edison says it's trying to cut spending. In a luncheon speech Tuesday, Whittle offered a suggestion to save money and make use of student abilities. He told the principals that Edison students could work for one hour each day in school beginning as early as 2004. In a school with 600 pupils, student labor could provide the equivalent of 75 additional full- time staff members, he said. `A Real Job' ``Every child has a real job in the school every day,'' Whittle said in describing his vision. He said students could teach and run ``big'' parts of school offices and ``huge'' parts of school technology systems. ``We could have less adult staff,'' Whittle said. ``I think it's an important concept for education and for economics that Edison needs to raise to another level.'' Edison's efforts to cut costs include attempting to save money on rent for office space. Last week, the company moved out of leased offices in Philadelphia and tried to move administrators into a public school building. Vallas, Philadelphia Schools' CEO, halted the move, declaring it was unauthorized and illegal. As a result, Edison was left without offices in Philadelphia. Edison President Chris Cerf stood outside the Broadmoor's Rocky Mountain Ballroom Monday evening, greeting principals as they arrived at a cocktail reception that kicked off the conference. About 100 principals from Philadelphia, Chester, Detroit, Washington, Chicago, San Jose, California, and other cities attended. A Private Meeting ``Relax, hang out, chill,'' said Cerf, a former associate counsel to President Bill Clinton, with a smile. Whittle, who arrived at the resort as the party wound down, declined to be interviewed. ``This is a private company meeting,'' he said. Broadmoor's nightly room rates range from $375 to $3,170, according to its brochure. Edison, based in New York, said it received a discount. Total costs for the trip, including food and travel, will be more than $300,000, Tucker said. ``It's unconscionable that Edison spends big bucks to wine and dine principals when kids don't have the basic school supplies they need,'' said Jerry Jordan, vice president of the Philadelphia Federation of Teachers, which represents 20,000 district employees. ``You can't do your job if you don't have the tools you need,'' Jordan said. Federation officials opposed Edison's effort to manage schools in Philadelphia, saying they feared a for-profit company might cut corners and harm education. Saving Money Tucker said Edison saved money by holding training for principals at the Broadmoor. He said the event was moved from the Mirage Hotel and Casino in Las Vegas to use rooms Edison was obligated to rent for a canceled client meeting. ``The only reason we're having it here is because we signed a contract 2 1/2 years ago,'' Tucker said. Edison shares began tumbling in April, when the company won approval to manage less than half as many schools as it expected in Philadelphia. In May, the Securities and Exchange Commission concluded Edison didn't provide investors accurate disclosure because 41 percent of reported revenue was money never received. Edison counts money school districts pay for teachers' salaries as revenue; those funds don't go to the company. It settled with the SEC, neither admitting nor denying wrongdoing. In August, Edison negotiated $40 million in loans from Merrill Lynch & Co. and School Services Inc., a company formed by two former Edison directors. The company said it needed the money to finance the management of 20 Philadelphia schools. Collateral Problems Philadelphia is seeking assurances that if Edison fails, the company's assets in the schools won't be withdrawn abruptly. Those assets, including computers and books, are used as collateral for loans. Without assurances from Edison, the city hasn't made $4 million in scheduled payments to the company. ``I'll continue to withhold compensation until they comply with the contract,'' said Vallas, the Philadelphia School District CEO. He said payments also are being withheld because Edison hasn't disclosed current financial information, including an updated financial statement. ``We've always known that we wouldn't get our first payment until the documents were done,'' Tucker said. Edison faces another challenge in Chester, which is about 30 miles south of Philadelphia. A report on Edison's first year in Chester, written by the district staff in May said, ``Students are not issued textbooks and cannot use textbooks for homework.'' The board said Edison removed computers from classrooms without replacing them for most of the school year. No Teacher Training The company failed for a second year to conduct teacher training before schools opened in Chester, said Persing, the control board chairman. It also failed to provide students and teachers with promised computers, and delayed delivery of school supplies, Persing wrote in a Sept. 20 letter to Whittle. ``The school district considers these actions to be a unilateral abandonment by Edison of its management agreement,'' Persing wrote. He said he has given Edison until Tuesday to meet its obligations or be put on notice that the district will seek to terminate the contract. Tucker ran workshops Tuesday for the Edison principals, called ``Communicate Your Schools' Successes.'' Those seminars were followed by a cocktail hour, an awards ceremony and a party at the hotel's Starz nightclub.

To: afrayem onigwecher who wrote (10532)	10/10/2002 8:28:33 PM
From: StockDung	Read Replies (1) \| Respond to of 19428

GMXX, YOUR GOING TO JAIL FOR THIS ONE WINEHOUSE Hadro Resources Inc - Street Wire Hadro man attacked by sneaky Crawfish Hadro Resources Inc HDRS Shares issued 13,054,200 May 16 2002 close $ 1.01 Friday May 17 2002 Street Wire by Brent Mudry Hadro Resources president, Vancouver accountant Grant Atkins, faces a $120,000 (Canadian) share suit from an offshore account in the secretive haven of the Bahamas. Mr. Atkins is a long-time close associate of controversial Howe St. promoter Brent Pierce, and played a key role in Mr. Pierce's stock market abomination, Ultra Pure Water Systems (Canada) Inc. In a statement of claim filed Tuesday in the Supreme Court of British Columbia, Crawfish Investments Inc. claims that although it is the legal and beneficial owner of 45,000 shares of Hadro, it was unable to sell 40,000 of its shares in January. The allegations in the suit, filed by Vancouver lawyer Donald Gurney, have not yet been proven in court and no statement of defence has yet been filed. The suit offers no clue who the beneficial owner of Crawfish is, although the offshore account uses a Vancouver address for service, and does not mention whether its shares were legended or had other trading restrictions. Hadro shares, which bottomed out at 25 cents last September, rose from $1.08 in early January to $1.76 by the end of the month and subsequently peaked at $2.09 in early March on the OTC Bulletin Board. (All figures are in U.S. dollars unless otherwise specified.) The stock fell 18 cents to $1.01 on Thursday on heavy volume of 271,000 shares, in the absence of any official news. The suit claims that on Feb. 5, the transfer of shares, related to the attempted sale, was rejected by Global Securities Transfer Inc., Hadro's transfer agent, acting on the instructions of Mr. Atkins. "The said transfer was rejected for no bona fide reason and was done for the sole purpose of benefiting the defendant (Mr. Atkins) and Tristar Financial Services Inc., directly or indirectly," states lawyer Mr. Gurney in the suit. Crawfish claims its offshore shares have now been "rendered worthless," although no explanation is given. The suit seeks unspecified general damages, including damages for loss of opportunity, plus aggravated and punitive damages. xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx Vega-Atlantic Corp - Street Wire BCSC targets Pierce, Cicci file Raging Bull libel suit Vega-Atlantic Corp VATL Thursday November 29 2001 Street Wire See B.C. Securities Commission (*BCSC) Street Wire by Brent Mudry After enduring the slings and arrows of all sorts of nasty name-calling and serious allegations for more than a year on Raging Bull, controversial Vancouver penny stock promoter Brent Pierce, former securities violator Gino Cicci and their close associate Gary Powers have launched an Internet libel suit in a bid to muzzle Harold Gooding, a now-disgruntled associate in their Vega-Atlantic Corp., Goldstate Corp. and Intergold Corp. OTC Bulletin Board promotions. In an endorsed writ of summons filed Wednesday in the Supreme Court of British Columbia, Mr. Pierce, Mr. Powers and Mr. Cicci claim they were defamed in no less than two dozen chat-site postings dating back to Oct. 28, 2000. A full statement of claim has not yet been filed by rookie lawyer Scarlett McGladery of Boughton Peterson Yang Anderson, who was called to the bar in February, 1998. Although Mr. Gooding lives on the Atlantic coast in Nahant, a tiny town near Boston, the transcontinental suit was filed in Vancouver, on the basis the tort was committed in B.C., which has Internet access. Mr. Pierce, Mr. Cicci and Mr. Powers seek as-yet unspecified damages for the damage caused to their fine reputations in the penny stock world, on the Internet and elsewhere. The allegations in the suit have not yet been proven in court and no statement of defence has yet been filed. Although Raging Bull has kept up Mr. Gooding's unflattering posts for all to see, unlike much-smaller Canadian rival Stockhouse, which generally yanks anything anybody squawks about, the popular American chat site has not been targeted in the B.C. suit. While neither Mr. Pierce nor Mr. Cicci are strangers to Canadian authorities, Mr. Powers, Vega-Atlantic's investor relations front man, has kept a lower profile. Although Vancouver regulators have had a high tolerance for penny stock shenanigans in the past, Mr. Cicci had the misfortune in 1995 of a three-year ban on serving as an officer or director, imposed by the British Columbia Securities Commission. The regulator also banned naughty Mr. Cicci from trading for six months. The speedy penalty came a mere four years after the BCSC launched its prosecution and just eight years after Mr. Cicci helped fuel the rise of DNI Holdings Inc. on the former Vancouver Stock Exchange with bogus and inflated promotional materials prepared by Strategic Marketing, a hired Florida-based penny stock touting service. Shares of DNI rose from $1.09 in late 1997 to a peak of $2.05 in mid-1998, before the regulators finally figured out its flagship Buffalo mine was more bull than buffalo. The stock last traded at eight cents in mid-1991, before being delisted from the VSE the next year. It is unclear just when the sleuths at the VSE and the BCSC twigged in that something was amiss at DNI. In May, 1998, just before Mr. Cicci unleashed his helpful Florida tout, DNI president David Edgell announced the tiny company had managed to buy a 100-per-cent interest in the Buffalo mine, near Baker, Ore. DNI even attracted a blue-chip backer, the secretive Kadova Finanz, based in the respected international finance capital of Vaduz, Liechtenstein. DNI impressed Kadova Finanz so much that it decided to lend the junior $3-million shares, interest-free, repayable in four years. The deal called for DNI to issue up to five million shares to the secretive offshore company. A few months later, in August, 1998, Swiss money man Max Engler, described as a Zurich-based financial consultant, presumably related to Kadova, was appointed to DNI's board. Mr. Engler was subsequently named president of another of Mr. Edgell's excellent VSE-listed companies, HPY Industries, in October, 1988, replacing Wolfgang Rauball. Although HPY featured such notables as Jerome Rak, penny stock promoter Rene Hamouth and the backing of another Liechtenstein company, the stock promotion later collapsed amid allegations of dubious dealings by Mr. Rauball. In any event, DNI looked good, especially in the glowing profiles prepared by World Prospective Communications, a subsidiary of Strategic Communications, the Florida tout. More than three years later, in December, 1991, seven months after the VSE halted DNI trading, the BCSC issued a notice of hearing alleging Mr. Edgell and Mr. Cicci conspired to disseminate tout materials inflating the value of the Buffalo mine. After a further four-year delay, the BCSC banned Mr. Cicci in November, 1995, finding he had played a "significant" role in co-ordinating the promotional materials with Strategic. On the basis of evidence at the hearing, the commission concluded that Mr. Cicci played a significant role in coordinating communication between Strategic and DNI regarding the promotional material. "Persons who are involved in a significant way in the affairs of a reporting issuer, as Cicci was, will be subjected to regulatory sanction if their involvement contributes to conduct that is prejudicial to the public interest," stated the commission. While Mr. Cicci has served his penance with the BCSC, being an odd judge of character, he recently set up shop with the notable Mr. Pierce, a seriously misunderstood penny stock promoter nudged off the former VSE a decade ago. Mr. Pierce's notable achievements include being named president of Exeter Mining Inc. in mid-1991, a mere seven months before the VSE suspended trading, citing a number of irregularities, including share issuances to the penny stock promoter. Exeter, however, paled by comparison with colleague Frank Balfour's Bu-Max Gold Corp. scandal. In mid-1989, Bu-Max declared it had suddenly discovered much of its money was missing, and Mr.Pierce soon emerged as a key target in investigations by the VSE and the BCSC. In a negotiated settlement in June, 1993, the BCSC banned Mr. Pierce for 15 years. The sweeping ban prohibited the promoter from becoming or acting as a director or officer of any company that provides management, administrative, promotional or consulting services to a reporting issuer. Besides diverting funds from Bu-Max, Mr. Pierce admitted he tendered false documents to BCSC investigators during their probe. The BCSC's 15-year ban came two months after the VSE abruptly halted trading in yet another dubious Pierce promotion, Cost Miser Coupons (International) Inc., when Vancouver Sun reporter David Baines revealed the promoter was an officer of Cost Miser's main subsidiary, in violation of a temporary ban imposed by the regulator. Cost Miser's main products, purportedly developed by Mr. Pierce, were cash register tapes with coupons printed on the back, interspersed with pictures of missing children. All of this might keep a lesser man down, but not Mr. Pierce. In early 1993, with his Cost Miser promotion about to blow up, the controversial promoter was hard at work setting up Ultra Pure Water Systems (Canada) Inc., which subsequently listed on the former Alberta Stock Exchange in March, 1994. Ultra Pure soon proved to be an ultra-dirty offshore rig job. The promotion blew up in April, 1995, when the ASE halted trading, leaving $2.36-million in unpaid debits at seven brokerages in accounts linked to Mr. Pierce and his associates. Merit Investments of Toronto was hit hardest, with a $1-million debit. Rampart Mercantile bought the weakened 35-year-old brokerage in 1997, later changing its name to Rampart Securities, which itself was shut down by regulators this August. When Merit filed its million-dollar debit suit in April, 1995, Stockwatch revealed the defendants were close associates, and presumably fronts, of Mr. Pierce, the first suggestion that Mr. Pierce might be involved behind the scenes. A subsequent 13-month criminal investigation by the Commercial Crime Section of the RCMP featured searches of 13 brokerage firm offices in Vancouver and Toronto, with Mr. Pierce and his associates as the key subjects. After spending years and extensive taxpayer resources preparing a solid case, the RCMP handed over the file to a senior Crown prosecutor a few years ago. In a controversial move that remains an open wound between the RCMP and the Crown, the prosecutor "no-charged" the case, basically torpedoeing the investigation, on the grounds there was insufficient evidence for a conviction. The prosecutor has since been demoted to handling welfare fraud cases. With the Canadian Venture Exchange, the successor to the former Vancouver and Alberta exchanges, less than enthusiastic about welcoming Mr. Pierce back aboard, the controversial penny stock promoter, like so many others of his ilk in Vancouver, has migrated to the greener pastures of the OTC Bulletin Board, with such promotions as Vega-Atlantic, Goldstate and Intergold. Vega-Atlantic, Mr. Pierce's flagship, is not for the faint of heart. The stock, which traded at 62 cents last December, bottomed out at about three cents in September, rebounded to 28 cents 11 days later, and fell back to 15 cents two weeks ago. (All OTC-BB figures are in U.S. dollars.) Vega-Atlantic shares rose eight cents to 60 cents on heavy volume of 264,000 shares on Thursday. Vega-Atlantic's main asset is its Shangzai gold mine in China, which it claims should produce 2,500 ounces this year. While China is not exactly a mecca for gold juniors, company president Grant Atkins, a close associate of Mr. Pierce dating back to the Ultra-Pure days, waxes eloquent. "Mining investors weary of China cannot ignore that Vega-Atlantic has proven that invested capital is being returned to the foreign investor through one of the most cost-effective of mining operations anywhere," stated Mr. Atkins in a recent release. "Yunnan Province is to be commended for their diligence and priority to foreign investment laws." (It is not clear whether the due diligence by the folks in Yunnan included any review of the past promotions of Mr. Atkins, Mr. Pierce and their associates.) Mr. Pierce has similar high hopes for his two other related promotions, Intergold and Goldstate, which have focused on the Blackhawk mineral claims in Nevada. With their reputations on the line, Mr. Pierce and Mr. Cicci, along with Vega Atlantic front Mr. Powers, have turned their legal guns on party-pooper Mr. Gooding, who has served directorship stints with all three companies: Intergold, Goldstate and Vega-Atlantic, which he served as president. The B.C. libel action claims Mr. Pierce and his associates were defamed in two dozen Raging Bull postings over the past 13 months. Mr. Gooding may know a thing or two about Mr. Pierce, well beyond the current bulletin board promotions. The Boston man's diverse business career includes working in sales in the water treatment industry with Osmonics between April, 1993, and August, 1994. According to regulatory filings, from April, 1994, to August, 1995, Mr. Gooding served as sales manager for Ultra Pure Water Systems (U.S.A.) Inc., which was based in his home state of Massachusetts. GeneMax Corp. Announces Litigation Regarding Manipulative Trading Abuses BLAINE, Wash., Sept. 5 /PRNewswire-FirstCall/ -- GENEMAX CORP. ("the Company") (OTC Bulletin Board: GMXX; Frankfurt: GX1) announced today that it has issued lawsuits in the Supreme Court of British Columbia against Global Securities Corporation and Union Securities Corporation of Vancouver (the "Defendants") for violation of fair-trading practices, negligence and/or fraud, share price manipulation, and other causes of action. The allegations by the Company center on illegal naked short selling conducted by Global Securities and Union Securities to manipulate share price for profit and gain in violation of Company certification bylaws, exchange policies, and laws of Canada and the United States. The naked short selling conducted causes artificial inflation of the Company's trading float of common shares to wrongfully decrease or suppress the true market price of the Company's stock. The Company seeks damages from actions of the Defendants that include loss of investment opportunity, injury to reputation, artificial issuance of shares that results in illegal devaluation of its securities, and other damages. The Company alleges that the Defendants' actions contravene the provisions of the Investment Dealers Association of Canada, the National Association of Securities Dealers, the Criminal Code of Canada, and the United States Securities Act of 1934. Shareholders have complained to the Company that they cannot obtain their share certificates when they purchase GeneMax shares from their broker. The Company has knowledge of other GeneMax shareholder lawsuits to be filed against broker dealers for breaches of contract stemming from failure to deliver shares purchased by GeneMax shareholders, and interest by GeneMax shareholders to participate in a class action lawsuit for shareholder damages caused by naked short selling. GeneMax shareholders interested in possible participation in a class action lawsuit should contact the Company (Toll Free 866-872-0077) for further details to provide their name, address, number of shares purchased and date purchased, and telephone contact information. About GeneMax: GeneMax is a biotechnology company specializing in the discovery and development of immunotherapeutics aimed at the treatment and eradication of cancer, and therapies for infectious diseases, autoimmune disorders and transplant tissue rejection. SAFE HARBOR STATEMENT THIS NEWS RELEASE MAY INCLUDE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES AND EXCHANGE ACT OF 1934, AS AMENDED, WITH RESPECT TO ACHIEVING CORPORATE OBJECTIVES, DEVELOPING ADDITIONAL PROJECT INTERESTS, THE COMPANY'S ANALYSIS OF OPPORTUNITIES IN THE ACQUISITION AND DEVELOPMENT OF VARIOUS PROJECT INTERESTS AND CERTAIN OTHER MATTERS. THESE STATEMENTS ARE MADE UNDER THE "SAFE HARBOR" PROVISIONS OF THE UNITED STATES PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND INVOLVE RISKS AND UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE IN THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN." MAKE YOUR OPINION COUNT - Click Here tbutton.prnewswire.com SOURCE GeneMax Corp. CO: GeneMax Corp. ST: Washington, British Columbia SU: LAW prnewswire.com 09/05/2002 09:30 EDT - - - - - View Replies »

To: afrayem onigwecher who wrote (10532)	10/12/2002 2:41:25 PM
From: StockDung	Respond to of 19428

Ex-Fidelity Manager Muresianu's Hedge Fund Gets $100 Million By Kathie O'Donnell Concord, Massachusetts, Oct. 12 (Bloomberg) -- John Muresianu, the Fidelity Fifty Fund manager who quit in June after being told he held too much cash, has raised more than $100 million for his own equity hedge fund, a person familiar with the situation said. Investors in Muresianu's Lyceum Capital LP include wealthy people in and outside of the U.S., funds that invest in other hedge funds, and at least two former Fidelity Investments fund managers, said the person, who attended a marketing presentation for the fund. Lyceum Capital requires a minimum investment of $1 million. Muresianu beat the benchmarks for Fidelity Fifty and his other fund, Fidelity American Trust, by an average 19 percent a year in the five years ended June 30 -- the most of 27 Fidelity managers who invested in U.S. stocks, analysts said. That record enabled him to lure investors even as hedge fund flows fell, analysts said. ``It hasn't been terribly easy to raise assets in this environment for anyone, good track record or not,'' said Barry Colvin, president and chief investment officer of Tremont Advisers Inc., a Rye, New York-based hedge fund advisory unit of OppenheimerFunds Inc. Muresianu, 49, resigned as Fidelity Fifty's manager because he refused to follow orders from the biggest U.S. mutual fund company to cut the fund's cash stake, a move he said would hurt shareholders, according to memos obtained by Bloomberg News. Less Than Vinik Fidelity spokeswoman Anne Crowley said the firm had informed Muresianu that his cash position was too high. Fidelity has a responsibility to manage funds consistent with investors' best interests and the goals outlined in a prospectus, she said. Muresianu's hedge fund, based in the manager's hometown of Concord, Massachusetts, has raised less than the estimated $800 million former Fidelity Magellan Fund manager Jeff Vinik attracted for the hedge fund he started six years ago. ``Jeff Vinik came out at the height of the beginning of the incredibly strong interest in hedge funds, and he was a very strong name at the right time,'' Colvin said. Stephen M. Vine, Muresianu's attorney and a partner at Akin Gump Strauss Hauer & Feld LLP, declined to comment. Hedge funds are lightly regulated investment pools that typically charge investors 1 percent of assets under management and 20 percent of profits. The portfolio managers generally don't comment on their hedge funds out of concern they may run afoul of the U.S. Securities and Exchange Commission, which requires the funds to register before soliciting public investment. Limiting the Size Hedge funds netted $4.57 billion in the second quarter, down 18 percent from the first three months of the year, according to Tremont Advisers. Lyceum Capital, which opened Oct. 1, plans to close at year- end or when assets reach $500 million, whichever comes first, the person said. Muresianu focuses his investments on two or three sectors instead of spreading the risk across many different industries. As of May 31, weeks before Muresianu left Fidelity, 30 percent of Fidelity Fifty's assets were in materials stocks, including gold shares. About 26 percent of assets were in energy stocks and 32 percent were in cash. The fund held no technology or financial shares. ``He's a gun slinging stock picker from the old school,'' said Jim Lowell, editor of Fidelity Investor, a Needham, Massachusetts-based monthly newsletter. ``He has done it consistently well, whether it's a bull market or a bear market.'' Muresianu has hired Ted Maloney, Guy Cerundolo, Dave Lundgren and Pat Buchanan as analysts for his hedge fund. Buchanan and Maloney previously were research associates at Fidelity, and Cerundolo and Lundgren were technical analysts. Three of the analysts were hired before Sept. 30, when Boston- based Fidelity fired 1,695 workers, none of whom were portfolio managers or analysts.