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Gold/Mining/Energy : Solv Ex (SOLVD) -- Ignore unavailable to you. Want to Upgrade?

To: Jim Atkinson who wrote (5092)	11/20/1997 5:33:00 PM
From: JJB	Read Replies (3) \| Respond to of 6735

As you indicated previously proximatey to Alberta you migh want to visit the court. In US transcripts are open to public inspection, might be the same up there. I'll give the view from ABQ. As you may or may not know Syncrude and Suncor have been receiving confidential Solv-ex information from both the SEC and NASD. At Solv-ex complaint NASD has discontinued. SEC refused and US bankruptcy judge issued an injunction against practice unless they signed a confidentiality agreement. SEC is currently appealing. Recently SEC withdrew three of the motions in the appeal. I cannot tell if this will lead to dismissal of appeal or if they just withdrew the faulty stricken motions. Syncrude is listed as a creditor in the US court. They claim to be owed $105.90 for "fire suppression training". I suppose this gives them standing in the bankruptcy. In the Canadian court Syncrude attorney indicated that since the Canadian court had set a Sept 29 dealine for bid he did not believe the Koch effort in the US court to be valid in Canada. Justice Forsight (sp?) reminded him that Syncrude had not submitted a bid in either court. And that the only bid in Canadian court, Geopetrol had in fact had not been approved by the court. Geopetrol had stated no objection to Koch deal as they had cut a side deal with Koch. (I beleive this had to do with their hydro transport system). The issue was further pushed. With an implication that Syncrude was not aware of the bid. Justice made references to ads in publication in Toronto, ABQ, WSJ. When inquired as to Syncrude ability to submit this "total cash offer" the the response was an exstensive due diligance would be required. When comment was invited in the US by the Justice, Solv-ex attorney indicated that this delay in all likely hood would result in expiration of lease as Solv-ex would be unable to gain this without proving the ability to go forward in it's delopment by 12/15. No lease no Koch deal. Motion was dismissed by the Justice. Interesting that if the lease expires without renewal the likely hood of any of the 650 Canadian creditor owed 16 million seeing any payment would have been nil. I guess that not Syncrude's problem. Their problem is that on completion of Koch / Solvex development it will no longer be possible to rationalize all that pollution as a jobs issue. Hoping that some stunt isn't pulled in the renewal process so that the Canadian creditors can recieve what they are owed quickly. Koch is prepared to pay to the Canadian trustee within days of the renewal. Perhaps you could keep us posted on the renewal. jjb