Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Crystallex (KRY) -- Ignore unavailable to you. Want to Upgrade?

To: Bill Jackson who wrote (6287)	3/6/1998 7:33:00 AM
From: E. Charters	Read Replies (2) \| Respond to of 10836

***************************** The Canadian Mining Newsletter March 04 1998 ***************************** Crystallex (KRY/TSE) and the Asensio Brokerage: A New York City investment banker (Asensio), and it appears short artist and publisher of impending doom with all attendant razzmatazz, has declared all Crystallex's claims to expected ownership of the Los Cristinas 4 & 6 concessions to be so much piffery and tomfoolery and a fraudulent duping of the gullible public (that's you). It assumes, I suppose, that the Supreme Court is whiling away its time on frivolous matters with a non-case and sniggering all the while, letting the investors sweat. The two previous decisions supposedly in Crystallex's favour are non-existent they would have you believe and the gazzetting of the claims in KRY's name to be a non-event as well. Since you have to be an owner of a claim to sue another concerning infractions on it under Venezuelan law it is hard to see how KRY could get any suit accepted unless that gazetting, (An extraordinary one by the Supreme Court itself), took place. Dome has never denied the two court decisions of 1991 and 1995 have taken place. The lawsuit and Dome's frantic 2000 pages of briefs to delay the court are apparently real. Judge Sosa, who has published a tape of commentary in Spanish on the internet about the case has publically said that a decision will be rendered soon. The language of Asensio's claims of KRY's and Mael's "fraudulence" is hyperbolic and inflammatory and is a series of declamations without support or documentation. It is your choice if you wish to be filled with doubt and fear about their claims. They state that they have viewed the "appeal" documents of KRY and find them to be without a case. It's a matter of opinion. The Supreme Court evidently has decided to look at it so it must have some prima facie merit of some kind. In fact the case of KRY's is not an appeal. It is an action to have a right asserted. No previous court case of denied right exists for them to appeal. IF KRY wins, it would have it mineral rights to Los Cristinas 4 and 6 guaranteed and Dome's and CVG's denied. This much is certain. And the precedent to deny CVG such rights is recent in the court's history where entire extensive contracts with foreign companies and CVG were declared null and void because of exactly the same constitutional and legal problems where rights of CVG to grant government contracts has been seen to be unlawful. The upshot of the whole CVG problem is that is was a previous administration's pork barrel machine which acted as private agent of the government to carve up the country, expropriate land and hand out contracts to be paid by the Republic. Unfortunately this runs afoul of Venezuelan constitutional and organic law which holds that it is the government itself which can grant contracts and for instance build roads and mine deposits, if in the case of mining it is called for. The technical operation of the company which was a breeding ground for corruption and fiat favouritism was flawed legally from the start. Certain ministers and public servants are holding on to the bitter end as one by one CVG's previous duchies are being denied legitimacy. Kilometre 88 is the next domino. When the decision will be handed down is anybody's guess. Don't quit your day job, but I still hold for good old KRY. BTW, Asensio, it is predicted according to a good source, will soon have litigation of its own to defend its statements that deny the truthfullness of KRY's claims. ---------------------------------------------------------------- EC<:-} The Canadian Mining Newsletter echarter@vianet.on.ca