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Gold/Mining/Energy : JAB International (JABI) -- Ignore unavailable to you. Want to Upgrade?

To: Linda Kaplan who wrote (3952)	10/13/1998 9:07:00 PM
From: Frank Brisebois	Respond to of 4571

Linda: <<Is there an advantage to shareholders if they file Ch 11?>> Well I suppose that if they DON'T file Chapter 11, BCMD will be forced to simply shut down and delist themselves from the market. They can't sell anything because all their assets are frozen by the county, etc. With that, all of us are holding worthless paper. If they file Chapter 11, this will give BCMD time to come up with a new buisness plan, if not, Then Chapter 7 will be the liquidation phase. Take the case of a company that I own but wont mention its name, the CEO of that company turned out to be a scam artist, or at least a very evil greedy person. He left the country fleeing from proscution, and the company filed for Chapter 11. A Counsel For the Offical Committee of Equityholders was formed to come up with a viable new buisness plan. The plan is rather long (90 pages), but a very good plan to raise the company back to life. In fact Oct. 26 a judge will determine if the plan should be implemented which to all indications he will. If all goes well, this company will come out of chapter 11 soon. But in BCMD's case I seriously don't think that will happen at all. So, I am now resigned to the fact that we all here have been taking in by a very smart individual who knew how to move his stock to aqquire more monies.. Oh one more thing, as far as Lionel is concerned, I believe that he was following directions as per Jim's orders, nothing more, nothing less.. Frank