To: Mark Bartlett who wrote (26812 ) 11/16/1997 6:52:00 PM From: Dave Bissett Respond to
FWIW, I'll be on the HOLD side Monday morning, especially if IPM can clarify some information in their Q&A by then, because 1) I do not feel it would be in our best interests to contribute to a short attack, and 2) if the price holds reasonably well, we do get some more institutional buying tomorrow or later in the week, and a squeeze occurs, even a small one, we stand to go up. If the previous share survey is still anywhere near correct, posters/lurkers collectively represent upwards of 1.5mil shares, and shorters should not, IMO, be given the opportunity to profit from this block by playing on the short-term disappointment of us who are perhaps guilty only of wanting to get richer sooner than later. THEY DO TOO! The report was certainly disappointing for all the reasons pointed out here, and I hope IPM begins to answer ALL the questions the report raised by tomorrow's open. If the institutions know more, which I think they do, and they haven't bailed already I don't think this particular report will cause that to happen. My understanding is that IPM has been spending a good deal of time and energy attracting institutional interest. They/we now have the type of confirmation that's been wanted, albeit not at the levels expected after Auric's work. I believe Auric must have raised the ante after they had the process in hand, and if so, I don't blame IPM for walking away. (It would be hard to believe that IPM contracted for the development of a process they knew would be too expensive to buy at the outset.) Enter Bateman, a company that can carry a project like this through from assay to production, and I'd say we're better off even if set back a bit timewise. For sure, IPM has done significant damage to their credibility with small investors, both from the standpoint of their official statements and the impressions they created with those who have maintained contact with company. With Bateman now apparently contracted to take them the rest of the way they cannot stumble again IMO, at all. I'll be looking for a very clear statement of their role and plans, clarification by IPM of this financing, and the more frequent updates that we've now been led to believe we can expect, particularly concerning recovery numbers. What a weekend. Strength tomorrow to all....longs that is.
