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Microcap & Penny Stocks : MTEI - Mountain Energy - No BASHING Allowed -- Ignore unavailable to you. Want to Upgrade?

To: ~Owl who wrote (11019)	11/6/1998 10:14:00 PM
From: RavenCrazy	Read Replies (3) \| Respond to of 11684

It is conceivable that some of you may not be aware of the great discussion going on among MTEI shareholders as to whether it is wiser to go ahead and hire an attorney to clean up the shell and sell it (if possible) or to wait until the SEC completes their investigation. We've been calling for a vote on this over the past couple of weeks, one vote per shareholder. But it was called to my attention today that it should be handled traditionally, one vote per share. Mulling over this tonight, and wincing at that minimum attorney fee we've found so far ($30,000) it occurs to me that there is a third way of voting, and I think I find this one to be most appropriate. Since we are almost $29,000 short on cash at the moment, I do think the votes on whether to seek an attorney should be cast by those who have put up cash in the legal fund. They would be the ones paying and, in my opinion, should be the ones deciding if they want their money spent in this way. It's a tricky situation and the potential end results are pretty diverse. The rough estimate on the sell of a cleaned up shell (come on - let's be optimistic!) comes to about a penny a share. So if you have 5,000 shares, you'll get back about 50 dollars. That, alas, would not pay your fair share of attorney fees. Now if you have 50 million shares, you'll get back about $500,000. That's not too bad, considering it's roughly five times what Mr. Tow paid for the West Virginia land. Even after Mr. Tow's contribution of $10,000, should such contribution occur, he would come out with $490,000. I feel pretty certain someone could make an arguable case to get Mr. Tow to go for selling the shell. On the other hand, those of us with a good bit less stock in the company might want to see what happens by letting the SEC continue to pursue and disgorge. At any rate, I do think the voting should be done by those paying. Raven