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

To: d:oug who wrote (33529)	8/1/1998 1:37:00 AM
From: knight	Read Replies (1) \| Respond to of 35569

Doug, I just hope you guys are retaining some sort of legal and accounting expertise and not just going into this blindly. The insiders of this company are mining stock promoters, they could sell refrigerators to Eskimos with a 1000 mile extension cord. I just took a check over the latest 10-Q again and IPM has some serious liabilities in addition to the BRX payment. Even if you cut a deal with the creditors for .50 cents on the dollar, you'd still be holding the bag for debt repayment with no cash flow to service it. My advice would be to play a jackels role. If you really believe in the Black Rock, cut a side deal with Omega. Let the creditors divvie up what's left of IPM's assets (if any). Why take on liabilities when there's an easier way to do it? Just the thought of you guys talking to one of the insiders about coughing up more cash sends shivers down my spine.