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Gold/Mining/Energy : Mongolia Gold Resources -- Ignore unavailable to you. Want to Upgrade?

To: Dave R. Webb who wrote (3245)	3/7/1999 6:52:00 PM
From: Phil Jones	Read Replies (1) \| Respond to of 4066

Sorry I misunderstood the situation vis-a-vis MAC and the TD Bank. I guess where it stands is that MAC's principals are still under the gun to repay the loan(s) to the TD Bank, and the Bank has no ownership. I thought the Bank had done something to enforce its security for the loan. Of course that brings in the point you earlier raised about the principals of MAC not having MGR's approval to pledge their portion of the Bumbat Company. In an earlier post I wondered if that would negate the pledge, and result in MAC's principals being personally liable for fraud for getting money under false pretences. Seems like that's very much where it stands. As I understand it, the Bank is out a load of cash ($4M?) with no way to collect it, i.e. no Bumbat Company shares to sell. Reminds me of Lord Denning's British court cases about which party should suffer the loss from a fraud, the defrauded party or the innocent purchaser for value.