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Microcap & Penny Stocks : Rocky Mountain Int'l (OTC:RMIL former OTC:OVIS) -- Ignore unavailable to you. Want to Upgrade?

To: Joe Master who wrote (28862)	12/19/1997 3:04:00 PM
From: tonto	Respond to of 55532

Joe, I will stick with my question as posed based on the recommendation of guidelines of Grant Thornton. Hopefully RMIL will respond with a complete answer. The answer could be a simple no for all anyone knows, or it could be yes. Will someone please provide me with more current information regarding the following: An unrelated entity has demanded the repayment of a loan in the principal amount of $1,250,000 which it claims it made to the Company in the fall of 1994. It also claims that accrued interest on the purported obligation amounted to $393,750 as of June 1, 1996. Additionally, it claimed to be entitled to the recovery of attorneys' fees in the amount of 15% of the collected debt. Current management has no knowledge of evidence of such a loan. Despite the Company's request for documents evidencing such indebtedness, as well as proof of payment of funds to the Company, it has not produced such conclusive proof. However, the entity's attorneys recently provided the Company with the affidavit of the Company's former legal counsel, and the affidavit of an individual who appears to have acted as an investment banker for the Company at some point. Such affidavits claim that $1,250,000 was indeed loaned by the entity to the Company and that some unspecified Company stock was issued to the entity as a credit enhancement. Management is currently in communication with the entity's counsel regarding this matter, but continues to believe the Company has no liability to this entity. RMIL has affidavits from its own former legal counsel and from an individual who appears to have acted as an investment banker on behalf of the company at sometime. RMIL in the most recent 8k says there are no legal, no pending cases against the company...as of March 27th, it was not settled and I do not recall reading that it has been settled. Can anyone help?