So who has the legal rights to the Juneau tailings?
For MSX it was always a future project with only the rights to exercise the option to go forward with it when and if funds could be had.
Since MSX is no longer trading, funds would never become available so the "Onstar" private deal is a bypass under the current conditions is it not?
If BJ is one of or the principal which I believe he is, it smell about the same as all other MSX dealings from the past does it not?
Takes real talented people to sell these deals methinks or morons to buy in with this sort of cash!
From the appointed receiver details of the Crystal Wealth file.
Gold Contracts
65 The Bullion Fund, Factoring Fund, and Hedge Fund collectively have a total of eleven (11)
Gold Contracts:
a) Onstar Exploration Ltd. (“Onstar”) - 4 Gold Contracts with a combined Recorded
Value of approximately $6,447,484 (the “Onstar Contracts”);
b) 611802 B.C. Ltd. (“611 BC”) - 4 Gold Contracts with a combined Recorded Value
of approximately $1,255,819 (the “611 Contracts”);
c) Inca One Gold Corp. (“Inca”) - 2 Gold Contracts with a combined Recorded Value
of approximately $958,797 (the “Inca Contracts”); and
d) Solid Holdings Ltd. (“Solid Holdings”) - 1 Gold Contract with a Recorded Value
of $333,332 (the “Solid Contract”).
(Onstar, 611 BC, Inca, and Solid Holdings are referred to as the “Gold Sellers”). A
summary of the Gold Contracts is attached hereto as Appendix “11”.
Onstar Contracts, 611 Contracts, Inca Contracts, and Solid Contract
66 The 611 Contracts, the Inca Contracts and the Solid Contract (collectively, the
“Settlement Contracts”) are similar in nature in that upon expiry, the contract i
completed either through: (i) the delivery of the Gold; or (ii) a cash settlement,
67 In general, the commercial arrangement for the Settlement Contracts is as follows:
. a) the Crystal Wealth Fund enters into a monthly Settlement Contract whereby it
becomes entitled to purchase a certain amount of Gold at the current quoted spot
price per ounce (the “Spot Price”), less a stated discount (between 1 % to 5%) (the
“Purchase Price”) for a stated period of time until the contract matures (the
“Maturity Date”);
b) on the anniversary date of each month (the commencement date of the Settlement
Contract), there is a settlement in cash between the Gold Seller and the Crystal
Wealth Fund whereby the Fund “sells” the Gold to the Seller at the Spot Price and
then “re-purchases” the Gold at the Purchase Price (no actual transfer of physical
Gold occurs);
c) at the Maturity Date, a final settlement occurs either through the delivery of Gold
to an agreed upon location or through a cash settlement whereby the Gold Seller
remits payment to the Crystal Wealth Fund for the current market value of the Gold.
An example of a Settlement Contract under increasing and decreasing Gold prices along
with an example of the appendices of such a contract (with financial terms redacted) is
attached to this First Report as Appendix “12”.
