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Gold/Mining/Energy : BPI Industries Ltd (BPR-VSE) -- Ignore unavailable to you. Want to Upgrade?

To: Claude Cormier who wrote (234)	4/13/1999 3:38:00 PM
From: Francis R. Biscan Jr.	Read Replies (1) \| Respond to of 355

Hi Claude, >>Vip Condo is certainly not happy but he makes some interesting points.<< Yes.....he raises some questions that most shareholders would have had to ask themselves, including me. >>If this was viable and everything was in order - why flush Cawley Gillespie - who has the biggest and best rep in this industry when they have worked on the report for what was nearly a year and a half with the boost from management of what a great thing this report was going to be.<< The thing to consider here is that BPI is not the operator of the project. Cawley Galespie is top notch and you pay for it. If MidCon was running low on cash, they may have been forced to find a lower cost alternative and just get done what was necessary to attract a JV partner. I do believe that BPI paid for this alternative study, so this very well could be the case. This also fits with the leases not being paid. MidCon, as operator, was responsible for the payment but failed to make it. But once it came to the attention of BPI that the payment had not been made, they immediately paid not only their percentage of the payment, but MidCon's also. >>If there was such big and wonderful things in this play - Financing would have happened by some majors itching to get their frigging paws on it.<< All I can say on this is it takes a long time to put deals together, even good ones. Because it has not happened in our time frame does not mean it will not happen. I have decided to wait a good deal longer then this. Of course, the sooner the better. I am certainly not Mr. patience<g> Have a good day, Rich