To: thewiz who wrote (221 ) 7/30/1998 1:12:00 PM From: Adrian du Plessis Respond to
I've asked Martin for the details on his broker and the source of any such information -- so, hopefully, we'll all learn something soon; YBM Magnex has made no public announcement of having found a new auditor -- and it's not clear who could possibly have reviewed the financials thoroughly in the relatively short period of time that has elapsed since Deloitte & Touche resigned due to their serious concerns about the company's affairs; since the scheduled OSC hearing is to deal with certain audit-related disclosure issues (e.g. YBM's failure to disclose to public investors that D&T had suspended its audit etc.), it's hard to imagine a hearing commencing before a new auditor has been found by the company and a new audit performed; but, who knows -- it's a funny old world, anything can happen as was said in the movie, Casablanca; the OSC has not said that it will look at any issues such as the dumping of YBM stock by director/insider Kenneth Davies after management, but not the public, learned of the audit suspension and serious concerns of Deloitte & Touche about possible criminal acts etc.; nor has the OSC said it will look into matters such as that reported on in a couple of news articles by The Financial Times of London -- last month the FT reported that world experts say there is no commercial application for a neodymium powder oil desulphurisation process that YBM has claimed generated sales of more than $20 million in its last reported fiscal year; nor is there any word on when the FBI, IRS, U.S. Naturalization and Immigration Services, Customs and State Departments engaged in a criminal probe will make any public announcement; with these, and other, major and fundamental issues and questions still up in the air, I don't think it's wise to make any predictions.
