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Gold/Mining/Energy : Maxam Gold Corp. OBB:MXAM -- Ignore unavailable to you. Want to Upgrade?

To: Larry Brubaker who wrote (5841)	10/1/1998 11:27:00 AM
From: Che	Read Replies (2) \| Respond to of 11603

Larry, <<<< The way I see it, IPM's sole asset is its right to mine BRX. But since that right is really owned by Phoenix/Omega, IPM really doesn't have any assets (unless there is some secret economic recovery process we don't know about>>> I don't think this is correct. IPM's "assets" also include the results of drillings, testings and assays, some of which are still secure, etc. IMO, this information does not automatically come into the possession of the party who "owns" IPM's mining claims, but must be purchased. We have been told that IPM spent millions and millions on exploration. Presuming this is at least partially true, these results may have some value to the party having possession of them. If this is true, it may be advantageous for Maxam to have control of these exploration related assets, in addition to the BRX. <<<< So I see no point in Maxam offering to "buyout" IPM to acquire its assets AND ITS LIABILITIES, when they simply could acquire its assets from their friends >>>> IMHO, Maxam is acquiring the liabilities in exchange for the exploration results and therefore would not have to pay additional funds to re-drill, re-assay, etc. I presume Maxam believes they would save money this way. As I understand, this is the point of Maxam willingness to acquire IPM liabilities.

To: Larry Brubaker who wrote (5841)	10/1/1998 11:40:00 AM
From: BobS	Read Replies (1) \| Respond to of 11603

<< I guess that would be OK if its clear to the PP investors that their $300,000 to pay off IPM's "creditors" is really going to the pockets of Phoenix/Omega.>> Larry, I don't agree with this one either. I hadn't thought of this scenario, I think you're on to something. It could be the reason Maxam does purchase IPM. But what does this do for Maxam shareholders? It dilutes the stock with the PP and sends the PP money to a privately held entity owned by who? - by the CEO of Maxam. Basically, if this scenario actually happened it is merely a way for Runyon to obtain more money for his privately held Phoenix company via Maxam shareholders. It would be similar to a monetary shell game, with one winner - Runyon. [And possibly Maxam if the property/processes of IPM ever amount to anything financially - but again, that is unknown at this time]. bobs.