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

To: R Steinberg who wrote (27611)	12/25/1997 7:08:00 PM
From: Bill Jackson	Read Replies (1) \| Respond to of 28369

R Steinberg, That was an American Corporation, and thus within reach of the court. In essence Texaco did a bad act and settled as the writing was on the wall. They could have gone on and on, but needed to put up a deposit of the US $ 10 billion to appeal. They arranged the deposit and then a settlement ensued. No such deposit could be enforced here. The will simply allow the case to go to it's American conclusion, and then allow it to go to Canada, and the case will start all over again, as the judgement is not enforceable as it involves a fee contingency situation that would require a new case to be advanced in Canada, and then through all the stages and appeals. And they would nt be able to start that for 3-4 years, and then 10 years in Canada, plus attempts to collect against all the bit players would take even longer. BRE-X has no significant assets, no principals of BRE-X have assets. All brokers make you sign boiler plate up here that has withstood many legal attacks, anbd has not been penetrated. Do not forget that their only attack point would be if they had an American insurer of the Canadians, so they could enforce against them? Is there such a trail? Do not forget no broker or advisor did any frauds, they were fooled as well as the invesrors, and as such lost and could also join the class action??. The Canadian courts are no so sympathetic as Texas juries, and there is no hope of enforcing a texas jury award without a Canadian case, and that case would make it's own decision about liablity and set is own amounts. They will try to drag all kinds of Americans in to it if they can attempt to find a deep pocket insurer or brokerage company. All of whome are in defence mode now. I suspect the US boiler plate will also protect many from the lawsuit. Bill