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

To: shorty who wrote (6570)	3/9/1998 12:01:00 AM
From: Fulvio Castelli	Respond to of 10836

Actually no, the property has NOT changed hands. I. Mael still owns the property, but an off-shore company (fully owned by KRY) owns I. Mael. (Don't read too much into the 'off-shore'. This was done as part of the 'poison pill' provision in KRY's charter.) So there is no requirement for the MEM to enter into this. >> The first transfer then is valid simply because Supreme court >> has forced MEM to Gazzete? Because if the transfer to KRY >> has not been Gazzeted then PDG'S claim does have validity No the first transfer is valid because it is LEGALLY valid. The problem was that the MEM refused to recognize the Supreme Court's decision and did not Gazette the transfer (ALL transfers MUST be Gazetted to be official). This is what caused all the problems and is the reason for the subsequent second and third rulings to FORCE the MEM to Gazette this transfer. After the third ruling, the SC bypassed the MEM entirely and had a special edition of the Gazette printed up with the transfer in place. So it is now official. And because of this, PDG (actually MINCA not PDG) does NOT have any legal claim to the property. Once you get past this point, then we get to today. You see the MEM proceeded anyway as if they DID have title and granted MINCA (the PDG/CVG JV) work concessions to mine LC. The current SC action is to declare these MEM resolutions null and void, nothing more, nothing less. I hope I've explained myself properly here. Sometimes it's hard to wrap your brain around the details of this case. >> But am willing to wager that Ven Gov finds a hole somewhere >> and forces a resolution on this. Creating a partnership that will >> get things rolling. Allowing all parties to save face (Ven Gov >> included). You know what? As recently as a month or two ago, I would have agreed with this idea completely. But things have changed dramatically in the meantime. The MEM saw that the SC was going to shoot down their cozy little deal with the corrupt functionaries at the CVG and wanted PDG to come to an accommodation with KRY (something KRY was always willing to do). But PDG stuck to their guns and bet on the old guard at the CVG to pull them through. They lost. In fact, we have it on good authority that the MEM minister actually threw PDG's lawyers out of his office when this all blew up. Anyway, now it looks like it's way too late and they've burned all their bridges. There isn't going to be ANY deal.