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Non-Tech : Sungold Gaming International (SGGNF) -- Ignore unavailable to you. Want to Upgrade?

To: Terry who wrote (1938)	3/20/1998 3:40:00 PM
From: John Lawrence	Read Replies (1) \| Respond to of 5164

"a majority of Michigan voters have approved casino gambling" This quote from the Detroit Free Press indicates that private casino gambling was given legislative approval in 96, and a Detroit vote in Nov. 97 showed a majority in favour of casino gambling in Detroit. At this stage, my understanding is that three bids have been selected and the city council is now deciding on locations. My information is that the Governor and Mayor support both the legislative and civic decisions. I think it is unlikely that an outlying regional civic government would be successful in causing any change to the existing decisions. The Gun Lake Band will benefit from approval for casino gambling in Michigan and Detroit. Since the state has decided to allow private gambling, they must also permit Indian Nations to run casinos on sovereign land. Much the same thing has happened in Nevada where the state allows private casinos and Indian run casinos. Now that private gambling has been allowed in Michigan, the State and the Governor will have to negotiate compacts with Indian Nations. As for the pending development of casinos in Detroit, it's well known that there is a critical mass, or momentum effect. In Nevada and Atlantic City, the existence of several casinos actually draws in more people per casino than would a single casino. Keep in mind that the Gun Lake Band is now considering the actual date for Presidential signing of nation to nation status. The ancestral land must be deeded to the Band within close proximity to the time of signing. Sungold and the Band have an ongoing relationship. My understanding is that at this time Sungold is working to ensure that the best possible financial arrangements are being put in place for the benefit of shareholders and Band members. While we might wish that these arrangements could be concluded as soon as possible, we should remember that the one critical element is the quality of the financial arrangements. These arrangements must be, and will be resolved very soon. The Presidential signing creates a time limitation. I am pleased that the company is taking the necessary time to work out a financial arrangement that shareholders will be happy with in the future. This is preferable to signing a premature agreement simply to satisfy shareholder impatience. The very low volume of shares being sold at these prices indicates that the vast majority of existing shareholders understands the latent value of their holdings.