Hello Richard;
These are just rumors, that have been gathered up from many sites around the web, I believe, I hope the person does not mind me posting here, but again an example of some of the none DD that we do over on SH;
I've been asked to post some details on the connection between ABX and KRY.
Please note that, while I have no inside knowledge, I believe this information to be accurate, given that
most of it is taken from the public record. I've made a note of any unconfirmed, but potentially
interesting details where necessary.
Please also forgive me if the structure of this document seems rather circuitous. Every avenue I've
pursued so far - no matter how seemingly unrelated - ends up leading back to at least one of the
players involved..
Peter Monk, besides being Chairman and CEO of Barrick Gold Corporation, is also holds those same
positions with Trizec-Hahn Corporation (formerly Horsham Corporation), which is a large commercial
real estate developer/manager. Note, too, that KRY's Robert A. Nihon, and the directors he brought on
board, also has substantial holdings in this area (at last count, I had uncovered 40+ private limited
companies in Canada and the Caribbean). For further details on Nihon, please refer to my previous
post #61090. As mentioned in that post, I have a federal government document (Canada) that shows
that one of these entities, 158270 Canada Inc., is a subsidiary of Imasco Financial Corporation. IFC's
parent, Imasco Corp. has numerous subsidiaries with varied interests. These subsidiaries include the
Genstar group of companies, which brings me to our next player.
Then there is the Red Glove arrangement:
Robert Nihon and Marc Oppenheimer are the sole shareholders of a private company, Ventures
(Barbados) Ltd., that was created to obtain ownership and control of the Las Cristinas concession
from Red Glove Corp. A.V.V. In an agreement dated Feb 14, 1997, they agreed to pay $30 million US
to Red Glove either in a lump sum , or over seven years.
Red Glove Corp. A.V.V. (incorporated in Aruba) owned Stay Management Corp. (incorporated in the
British Virgin Islands), which in turn owned all 1,200 shares of Inversora Mael C.A., with whom we are
all more than familiar with. Red Glove and Stay Management used a few different Venezuelans as
nominee directors.
I have heard from usually reliable sources that this $30 million US may have been provided by ABX, on
the nod of Peter Monk.
Part of the VBL/Red Glove/Stay Mgmt contract appears in my previous post # 48098.
At that time, I asked the question: what if there were a side-agreement (undisclosed) between Red
Glove's principals and Ventures'/KRY that Crystallex shares indeed would be the repayment vehicle,
then Red Glove (or its assignees) may be able to conceal the fact that it has "acquired" KRY shares. I
suppose only once the agreement has been fulfilled would the SEC or OSC have to be notified of a
transaction that exceeds the 5% or 10% rules (I'm rounding, but the details have been discussed by
others).
As a follow-up, we heard from Teddie (his post #48179). His valued opinion was as follows:
Only once the conditions have been fulfilled would Red Glove have to report to the SEC or OSC if the
conditions fulfilled the reporting requirements. Here we have a condition SUBSEQUENT, nothing
happens on C or D until the date has occurred. In C, Sept.30, 1998, has to have occurred before
payment is due and in D, Sept. 30, 1999 has to occur before payment is due.
There is no obligation to pay in stock, only an obligation to pay Red Glove 10 million dollars in cash.
Red Glove cannot say that it will receive any KRY stock at the present time and does not need to
report the stock until it has been tendered to it in lieu of cash. This is a great way to avoid any
reporting requirements until the future (subsequent) condition occurs.
Angus A. MacNaughton, of Danville, California has sat on ABX's Board since 1986, and is
Vice-Chairman. He is also President of Genstar Investment Corporation, one of Imasco's
aforementioned subsidiaries.
KRY's Marc Oppenheimer, though not a player in the same league as Nihon, Monk or Fung (great guy
that he may be!), also has real estate interests, given that he is a disclosed shareholder of New York's
Octagon Assoc.
There has been speculation that Monk may wish to concentrate on his real estate empire, his
"Goldfinger" ambitions, notwithstanding.
Nihon, his business associates, as well as many of KRY and ABX's directors, are from the greater
Montreal area.
ABX has an International Advisory Board that was established to provide advice to Barrick's Board of
Directors and Management as the Company expands internationally. Former US President George
Bush is Honorary Senior Advisor. There have been rumours on this forum and elsewhere (which I
personally cannot substantiate, but believe, nonetheless) that Bush was in Venezuela recently.
Damon's recent Vheadlines article referred to "high security" around two unidentified persons - Bush is
still under the careful eye of the US Secret Service.
Former Canadian Prime Minister, Brian Mulroney, who has been a director of ABX since 1993, is
Chairman of this Advisory Board. Mulroney is Senior Partner with Ogilvy Renault in Montreal, Quebec.
How does Brian Mulroney fit in with KRY? Well, Crystallex director, Harry J. Near, a principal of The
Earnscliffe Strategy Group (government relations/lobbying) was a former aide, as was one of Near's
current business partners, Hugh Segal (*VERY* close to Mulroney).
Also on ABX's International Advisory Board is A. Andr¢nico Luksic, of Chile. Though Serbo-croation by
descent, he was born in Chile, where he heads the Luksic Group, which is a mining giant in SA.
Forbes reports that he is among the world's wealthiest people. See
forbes.com
I'm doing most of this on the fly, without benefit of my notes, so I may have omitted something. Also,
as I was never very good at math, if you think I've put 2+2 together and gotten 5, let me know!
Regards,
T-Bone
Gee, and some of these boys are having dinner together to-nite, oh I would love to be a fly under that table??
With regards, Frank
P.S. These are all rumors of course, so don't use this to base any decisions on. Was that really "George Bush" in Caracus on the weekend???? |
