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Gold/Mining/Energy : International Precious Metals (IPMCF) -- Ignore unavailable to you. Want to Upgrade?

To: KipferlMeister who wrote (30685)	2/25/1998 10:46:00 AM
From: Larry Brubaker	Read Replies (1) \| Respond to of 35569

How Long Before The Creditors Take Over? Looking at IPM's latest 10Q for the quarter ended September 30, they had current assets of $3,033,000. But of the current assets, only $815,000 was cash and the other $2,218,000 was their investments in MGAU and NMCI "carried at cost." If those investments were "carried at market value" I would hazard a guess they would be worth substantially less than $2,218,000. So, basically, as of September 30 they had $815,000 in cash and some depreciated shares of MGAU and NMCI. Against these "assets", IPM had current liabilities of $2,424,000. The difference between their current liabilities as of Sept. 30 and their cash was $1.6 million, or MORE than the $1.25 million IPM raised with their December PP. So, I would submit that the $1.25 million PP was not even enough to pay the current bills IPM had outstanding as of September 30. And their only other source of cash appears to be the now nearly worthless shares of MGAU and NMCI. So how the heck do these guys have any money to be doing much of anything?