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Gold/Mining/Energy : Day trading in Canada -- Ignore unavailable to you. Want to Upgrade?

To: Buckey who wrote (1252)	11/17/1998 11:37:00 AM
From: Abbeydale	Respond to of 4467

Can you play "taps"??? PHV is in major trouble! Banks sound like they are calling their positions by the end of today! OUCH! Globe says firm pushed to hand ownership to lenders Philip Services Corp PHV Shares issued 131,116,612 1998-11-16 close $0.3 Tuesday Nov 17 1998 The Globe and Mail reports in its Tuesday, Nov. 17, 1998 edition that a group that includes New York financier Carl Icahn has threatened to push Philip Services into bankruptcy proceedings if the company doesn't agree by today to transfer ownership to its lenders. The Globe's Casey Mahood writes that the move follows Philip's report Friday that it took a $645-million (U.S.) loss in the third quarter and had suspended all interest payments on its $1.1-billion debt. Philip has been hit this year by surprise losses on copper trading and deteriorating conditions in the scrap metal market. Mr. Icahn says he's been inundated by phone calls from investors who have been asking him to do something and telling him that the company is "evaporating." Mr. Icahn says he's trying to advance the timetable enough so that possibly the assets can be saved. Mr. Icahn says the latest results confirm that asset values are rapidly deteriorating and that Philip is using its cash in a manner that is adverse to the interest of it stakeholders. A