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

To: go4it who wrote (33553)	8/3/1998 11:25:00 AM
From: ddl	Read Replies (1) \| Respond to of 35569

Charles, I don't understand why you are approaching this investor bailout with the mind set on an assumption that IPM did nothing wrong. There is no sound fact to base this on except what they told you in PRs. Your effort are to be commended but.... the only way you can and will know if this is a sound basis is to have a look at the IPM reports. Those reports should be made available to you on demand and if they refuse, you must assume that they probably did say something wrong. IMO, your approach should be that of getting control of the Co. and go through those reports to determine if there really is something there. You have to know this before basing a plan of attack on that assumption. The insiders never owned a majority share position. As a matter of fact, they own a small % of o/s shares. It should not be too difficult to get enough float shares together to call a special meeting of shareholders, vote in a new executive and go over IPM material before proceeding with a bailout. And that's if a bailout is warranted. Shareholders must gain control of the Co. in order to proceed. Talk to Dale / Cap Guardian. those 2 are enough to do it. If they refuse, then there's an unknown reason why and I would suspect the worse. T. Hoare have most of the reports as they did most of the financing, talk to them and see what they have to say. Any attempt to "peacefully" and with the help of current IPM mgmt to bail out is IMO doomed to fail. You and others have nothing to loose by taking over the helm. Dale Runyon will shortly become the owner of the land. Hell, he can have it if the reports warrant it, but you don't know that until you see the files. You don't really have anything to stand on until you see the files. Take over the Co. and get them! You know Charles, most people by now would have washed their hands of this deal, but the reason many linger is because this was a real bad one, with promises that should have never been made unless they were true. That really stinks. Your options are that they lied, or they got shot. Chances are they lied and that would be my approach. At the very least, someone should be able to approach and talk to Cap Guardian. If they feel they got stung themselves, then they will vote with you. If not, then they should at least give you the reasons why and if they refuse, then you can again assume the worse. If these guys really had an extraction process like everyone said they had, and got shot by dark forces, then why the hell did they send some dirt to EMR for extraction testing last year. IMO they were desperate to find anything. This was stated in EMR's last Annual! I know I'm all over the place, and don't own shares and like I said, most people would just walk away from this one, but if you want to salvage something, then you should try to find out if you have anything to salvage the easiest way. Talking to IPM is not, IMO, the easiest way - best to you - denis