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To: MoneyMade who wrote (92)	11/23/1998 1:20:00 PM
From: Michael Bendner	Respond to of 15987

Vancouver Sun Article -- 11/21/98 -- Page E4 3 West Van residents accused of fraud in suit filed by Ikar David Baines Sun Business Reporter A North Vancouver company that claims to be developing a multibillion-dollar mineral deposit in Tajikstan alleges a Cyprian bank run by three West Vancouver residents defrauded it of $230,000 US. In a lawsuit filed in B.C. Supreme Court, Ikar Mineral Corp. also claims that Renfrew Security Bank & Trust Ltd. orchestrated a huge short-selling scheme designed to destroy the market for its shares. Ikar, which trades on the virtually unregulated over-the-counter market in the United States, claimed last March to have acquired mineral concessions in Tajikistan containing $7.2 billion worth of precious and base metals. "We are confindent our Rushan concession will prove to be one of the world's most significant repositories of precious and base metals," chief executive officer Randall Andrus told shareholders. Mining analysts were skeptical, however, and the company's stock price, which peaked at $3.75 US in January, has since declined to 40 cents. In a statement of claim filed Thursday, Ikar claims it approached the bank, which purports to be registered in Nicosia, Cyprus, to obtain a line of credit to finance its Tajikistan property. It says the bank's chait and chief executive officer is Buman Shefik, his assistant is Lee Gahr, and their agent is Shefik's wife, Mojgan. All reside in West Vancouver and all are named as defendants. Ikar says it also arranged for interim financing through third parties, including securities dealer Thompson Kernaghan & Co., and deposited the proceeds into the Cyprian bank. How much was deposited is not stated. Ikar says that, from time to time, it drew on its line of credit and the interim financing, and was paid by wire by Shefik through a brokerage account at Wolverton Secureties, or by Skefik's wife through offshore accounts, or by Shefik through a brokerage account at Wolverton Secureties, or by Shefik's wife through her bank account at Canada Trust in West Vancouver. The company alleges that, in late August, it received a statement from Shefik showing that the bank had removed $169,597 US from Ikar's account, purportedly for service and transaction fees. It also alleges the bank refused to release the remaining $60,062 US on deposit. Ikar claims the bank, through its business dealings with Ikar, acquired confidential information about the company, including the fact that it needed more money to fund its Tajikstan project, and that if the project wasn't funded it might forfeit its rights to the property. On the basis of this and other confindential information, the defendents "embarked on an aggressive short-selling scheme to manipulate the price at which the stock traded downward to an artificially low level," Ikar alleges. The company claims Ikar sold more than six million shares through various trading accounts, including an account at Wolverton. It says the motive was either to depress the stock price and make a profit, or to put the company out of business. The company further alleges that, to cover their short position, the defendants did not buy back shares in the open market, but rather tendered an offer to certain Ikar shareholders to exchange their shares for shares of a company called Elk City Mining Co., thereby violating the B.C. Securities Act. Ikar also claims the bank is not registerd to do business in Canada or any other jurisdiction, and was "nothing more than a name under which Shefik and Gahr carried on business, thus creating the illusion of legitimacy to further their illegal activities." The lawsuit asks the court to order the defendents to repay $230,000 US and disgorge profits from their short-selling scheme, plus other forms of relief. None of the defendants could be reached for comment Friday.

To: MoneyMade who wrote (92)	11/23/1998 1:21:00 PM
From: Due Diligence	Read Replies (2) \| Respond to of 15987

Anyone mention this? MDIH news-- More states (PR Wires) DJ: MDI Entertainment Announces Four New State Lottery Conta DJ: MDI Entertainment Announces Four New State Lottery Contacts Totaling Over $1 Million and the Arizona State Lottery as a New Customer HARTFORD, Conn.--(BUSINESS WIRE)--Nov. 23, 1998--MDI Entertainment (OTC BB:MDIH) is pleased to announced that it has been awarded four new state lottery contracts. These states include Louisiana, Florida, Virginia and Arizona. All of the contracts involve the use of MDI-exclusively licensed properties in the states' instant ticket scratch off games. Additionally, the company is pleased to announce the Arizona State lottery as their newest customer. The lottery drawing and contract with Louisiana will be with the Harley-Davidson (NYSE:HDI) theme and will result in $300,000 in revenues for MDI. The Louisiana State lottery is expecting to generate $6 million in ticket sales through the sale of 3 million tickets priced at $2.00 each. Describing the details of the game, Louisiana Lottery President Randy Davis was quoted as saying, "The Harley-Davidson (NYSE:HDI) instant scratch game has a unique play style, offering numerous cash prizes and three Harley-Davidson Sportster 1200 Custom motorcycles and approximately 4,200 Harley-Davidson merchandise prizes in a second chance drawing." The second lottery contract with Florida will incorporate the Wheel of Fortune theme and will generate $260,000 in revenues for MDI. The Florida State lottery is expecting $20 million in ticket sales through the sale of 10 million tickets priced at $2.00 each. The Virginia State lottery will be utilizing MDI's Star Trek theme. The contract will generate $310,000 in revenues for MDI. Virginia is expecting $8 million in ticket sale proceeds. The Arizona State lottery will also be using MDI's Star Trek theme. This is the first lottery contract MDI has secured with the state of Arizona. The contract is valued at $254,000 to MDI. Approximately $6 million is expected to be produced in ticket sales. Geoffrey Gonsher, Executive Director of the Arizona State Lottery stated, "We are enthusiastic about the new Star Trek scratchers game for the Arizona State Lottery. Several states have been successful with the Star Trek game and we looking forward to working with MDI to achieve the same level of success." Commenting on the contracts, President and CEO stated, " As evidenced by these contracts, we continue to see strong interest and excitement in our licensed properties from the various state lotteries. The success that these states are having with our licensed themes is very gratifying. We look forward to expanding our business with both existing and new customers as our portfolio of licensed properties continues to grow. Finally, we are thrilled with our earning a new customer, the Arizona State Lottery, and look forward to a long-term mutually profitable relationship with them." MDI specializes in creating, marketing and implementing entertainment-based promotions to the North American lottery industry. MDI's current lottery promotions include scratch games featuring properties such as Dick Clark Productions American Bandstand, Louisville Slugger, Times Square 2000, Pepsi-Cola, Harley-Davidson, Star Trek, Wheel of Fortune, Twilight Zone and the Rock and Roll Hall of Fame and Museum. A significant aspect of MDI's promotion is the awarding of merchandise tied to the various properties as prizes. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by MDI) contains statements that are forward-looking, such as statements relating to the future anticipated direction of the lottery industry, plans for future expansion, various business development activities, planned capital expenditures, future funding sources, anticipated sales and potential contracts. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of MDI. These risks and uncertainties include, but are not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, domestic and global economic conditions, changes in federal or state tax laws and market competition factors. CONTACT: Alon D. Kutai, investor relations consultant 401-848-7955 09:20 EST NOVEMBER 23, 1998 * end of story *