Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (45200)	5/21/1999 11:38:00 AM
From: PartyTime	Respond to of 95453

Thanks for your response on PDE and FLC, YZ. On another matter, it appears the road for UTI's takeover of Fracmaster's (FMA) assets has been smoothed, as noted by the below news: >>>GENEVA, SWITZERLAND, May 19 /CNW-PRN/ - Alfred H. Balm, former Chairman and Chief Executive Officer ofFracmaster Ltd., advised today that he will not be submitting an offer for the assets of the oil services company which is currently in receivership. ''My objectives in putting forward a Plan of Reorganization under the Companies Creditors Arrangement Act were to provide a return for Fracmaster's unsecured creditors and shareholders. Unfortunately, these objectives cannot be realized in acquiring the Company's assets in a receivership sale. I believe it is a truly regrettable situation that these individuals and companies will apparently receive nothing.''<<< It appears the most expeditious way for banks to recover FMA loans (these loans extended in '96 and hinged upon successful Russian business oeprations) was to back UTI's offer to purchase the FMA assets. The former head of FMA made a last ditch effort to stop the deal, but apparently has caved in to the pressure from the banks. IMHO, this is very good for UTI. Check the SI and Yahoo UTI threads for further reference on this deal--a lot of FMA investors have been posting on the UTI thread.