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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies. -- Ignore unavailable to you. Want to Upgrade?

To: robnhood who wrote (27400)	10/26/1997 2:39:00 PM
From: alan holman	Respond to of 28369

Hello ! My next get-rich hope is Crystallex Minerals (KRY). Of coarse the best active site is on Stockhouse the website. I still find it hard to believe that there is no gold at Busang. I also would encourage our devoted group to watch and listen to any news from/about Indonesia. The downing of gold in the gold market (IMO) was what really happened to Bre-X Minerals.

To: robnhood who wrote (27400)	10/27/1997 11:45:00 PM
From: alan holman	Read Replies (2) \| Respond to of 28369

October 16, 1997 Judge demands cash from Bre-X SEAN GORDON Southam Newspapers CALGARY - A Calgary judge ruled Wednesday that Bre-X Minerals and two associated companies must immediately fork over $33 million -- or all the companies' cash holdings -- to Court of Queen's Bench. Justice Robert Cairns also opened the door for a pair of shareholder lawsuits targeting the insolvent Calgary mining junior's past and current directors in an effort to recoup an estimated $140 million they allegedly netted through insider trading. "This is a major leg up for us today, it's an important step toward recovering investor losses," said Harvey Strosberg, a Windsor-based lawyer who represents a massive class-action suit in Ontario on behalf of 572 investors. Bre-X lawyer Howard Gorman refused comment after the day's proceedings. Strosberg told court that a handful of Bre-X officers, including John Felderhof, Steve McAnulty and David Walsh, raked in an estimated $140 million in insider trades. "We're going to chase these people ... here we come, ready or not," a gleeful Strosberg said outside court. Cairns granted the petitioners' motions despite a stay of all legal proceedings ordered in May under the Corporate Creditors Arrangement Act. The stay expires Oct. 31. The two lawsuits given leave to proceed are called derivative actions, which enable shareholders to sue a company's directors and officers on behalf of the company. "We'll be filing ours very soon, you can be sure," said Docken. Strosberg said he will file suit in Ontario later this week. The decision to place the companies' funds in court accounts came after lawyers representing two separate shareholder lawsuits argued that Bre-X, Bro-X and Bresea funds must be frozen to ensure they aren't spent. In rendering his decision, Cairns said he was basing his decision on legal criteria, and that there should be no inference of wrongdoing or improper spending of funds. "I want to make it clear there is no finding of impropriety here," Cairns said. Moving the money over to the court's coffers means Bre-X president David Walsh and other principals won't be able to spend the money on their own legal bills and other related activities without first applying to the court. "It's a good start," said Calgary lawyer Clint Docken, who represents about 115 Bre-X shareholders. "The importance of this is to have access to what is the most easily recovered money. This is a readily accessible source of money. "We now have the tools to affect that recovery." The company could have applied for an extension under the Corporate Creditors Arrangement Act -- observers had widely expected such a petition -- but didn't. In fact, Gorman indicated Bre-X Minerals may pre-exempt shareholders by willingly entering into bankruptcy, though the associated companies would not. "I would anticipate that Bre-X may take proactive steps insofar as bankruptcy goes," Gorman said. Bre-X rocketed to prominence after news of the discovery of what was touted as the world's biggest gold mine at Busang, in the Indonesian province of East Kalimantan. One of the men credited with the discovery, Filipino geologist Michael de Guzman, plunged to his death from a helicopter in an apparent March suicide, just as rumours began circulating that there were problems at the mine. Bre-X then sent North American stock markets tumbling when it was revealed that Busang was the product of a fraud that an independent auditor called "without precedent in mining history." A private investigator's report commissioned by Bre-X recently absolved Walsh and the company's other Calgary officers of any direct involvement in the swindle. It pinned the blame on de Guzman and another employee, Cesar Puspos, among others. The report left Felderhof's involvement as "an open question." - Calgary Herald