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Gold/Mining/Energy : Samoth Capital SCF on TSE -- Ignore unavailable to you. Want to Upgrade?

To: dale w ruckle who wrote (3)	9/9/1998 11:12:00 PM
From: dale w ruckle	Respond to of 8

Archive ISSUE 463: News Samoth settles with investors over Bay Villas deal Investors in a San Diego condo deal made through deceased real estate financier Kerry Dix have settled their lawsuit with Samoth USA, a subsidiary of Vancouver-based Samoth Capital Corp. The $2.2-million settlement calls for approximately 70 investors, mostly B.C. and Alberta residents, to receive about 87 cents on the dollar invested in San Diego's Bay Villas complex. But at least one Lower Mainland investor said he's been burned and should have got his money back long ago. The investor, who requested anonymity, said he invested $52,000. After legal fees are paid he estimates he will receive 75 cents on the dollar. Last year, investors' money earmarked for the Bay Villas project was placed in a trust fund operated by Dix's Vancouver-based Dix Group. After former drug-dealer Dix died in October 1997 of what police described as a drug overdose, the money could not be located. Samoth provided bridge financing to Dix for Bay Villas and claimed ownership of the complex after he died. Investors sued Samoth and recorded a lien against Bay Villas in U.S. District Court in San Diego in December of 1997. Samoth then tried to get the lien removed. Samoth says a California property developer has agreed to purchase Bay Villas from Samoth for more than US$18 million. With the lien removed, Samoth now expects the sale to close this year.*