Post by
LongGoneJohn on Oct 17, 2006 2:18am
even worser yet
what is Les Kjoness going to do when this $600K bird comes home to roost?
$337,500 X 1.06 x1.06 x 1.06 x 1.06 x 1.06 x 1.06 x 1.06 x 1.06 x 1.06
x 1.06 = $604,411
An action has been commenced against the Company in the Supreme Court of British Columbia for
recovery of an alleged debt of $337,500 plus interest at 6% per annum, pursuant to a debenture
issued in 1996. This action has been commenced by Willis Associates Insolvency Services Ltd.,
Trustee of the Estate of Silver Peak Resources Ltd., a Bankrupt. The Board had determined that,
upon investigation, no cash consideration had been received by the Company for the private
placement of the debenture and the issuance of the said Debenture. As a result, this alleged
liability was removed form the Company’s balance sheet in the Company’s interim financial
statements for the period ended October 31, 2003. The current Board of Directors and
management which was not involved in the issuance of the debenture, has determined that there is
nothing owing under the debenture and that the claim is entirely without merit. Counsel has been
retained to vigorously defend this position.
Comment by
theclan on Oct 17, 2006 3:03am
I sold the remainder of my position on this one. Something is very fishy with management imho. People can draw their own conclusions on the integrity of the managers, but I have my own opinion. Don't think many are left here, but hopefully when GAI goes bankrupt, someone buys Midred and actually drills some holes in it and makes you some money.
Comment by
MildredPimp on Oct 17, 2006 5:22pm
HEE HEE> It is just hilarious. GAS wins all these lawsuits, never gets any money, and has to borrow from yours truly to buy a sandwich whenever he takes me to court! AND had to give back the books before he could stick his long nose it 'em. LMAO! Now I'm his buddy. LOOK OUT EVERYONE!