To: SOROS who wrote (2288 ) 1/22/1998 9:47:00 AM From: alchemy Read Replies (2) | Respond to of 4736
Hello Soros: We have been performing our due diligence with this company as well as we can. I will provide educated speculation in response to your questions. The company has been far more fothcoming with information than in the past. 1. The UPR deal went sour due to the malfeasance of the first director. UPR returned to the bargaining table based on the Nebraska site. If and when the UPR deal is signed, it will be as a result of Deborah Peppers, their new CEO, who has been the prime mover in smoothing the negotiations. BR is also at the table to work out a deal that should be similar in scope. 2. There are two independent engineering firms assessing the Neb. fields. The first report was issued by Geophysik,GMBH attesting to $129.8mm in field value. The Gruy report which I was looking for last week has yet to be seen. 3 & 4 We have asked for the shares outstanding repeatedly. Unofficially, I have learned that the company is authorized to issue 200mm shares. I have second hand information from another investor, who hs been correct in the past, that the outstanding shares total 110mm. Another says 80mm outstanding. To be safe, take the high one. If we have 110mm shares outstanding then we can assume that some funds have come from the sale of stock to companies like Tridon and other individuals. I am not aware of any other "off balance sheet" financing such as partnerships. The float may be around 60mm. I would bet on the authorized figure, the shares outstanding is more iffy. I expect to see a Q1 earnings report in late April. On a personal note, my radar has always been up regarding your posts. I do not like replying to individuals who abuse these boards. I recall your posting a bogus press release regarding this company. It was funny at the time, but people could have purchased stock based on your comments. I hope that none did. I also am very suspicious of people who do not have a profile, but dare to point accusative fingers at people who have bonafide profiles. My rule is to trust nothing that is posted by someone who does not provide a real identity and an e-mail. I requested your e-mail once and never received it. I am breaking this rule because I think your questions are important and have encourged other investors to provide me with their due diligence. Do us a favor and don't play games with us. marty