Ex-Fracmaster boss targets investors

Article Abstract:

Fracmaster Ltd.'s former chairman Alfred Balm has declared he will pursue legal charges against investors who owed him C$191 million after he failed to receive final payments from the sale of his 67.5% stake in the company. Balm sold his shares at Fracmaster for C$562.8 million or $19.50 a share in fall of 1997, when the company's shares traded in the $20 range. Balm already received the first installment of $9.75 a share in September 1997 and is expected to get the last installment of $9.75 a share on Sept. 9, 1998. However, investors who are holding over two-thirds of the 28.8 million Fracmaster installment receipts failed to make payment on Sept. 9, 1998.

Comment:

Former chairman Alfred Balm says he will pursue legal charges vs investors who owed him C$191 million

Stockholder data, Article

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Judge rejects all bids for Fracmaster

Article Abstract:

Madam Justice Paperny of the Alberta Court of Queen's Bench has rejected all three bids for the insolvent oil field service company Fracmaster Ltd of Calgary, Alberta and has decided to put the company into receivership and to have its assets auctioned off. The judge appointed Arthur Andersen Inc as receiver and told the firm to draw up a plan for selling the assets. Fracmaster's financial problems were attributed to the collapse in oil prices and the economic meltdown in Russia where it conducted most of its business. Its market capitalization plunged from C$1 billion to $22 million in 1998.

Canada, Organizational history

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Alberta child-prostitute law designed to break the chains

Article Abstract:

New legislation aimed at stopping the child prostitution cycle takes effect in Alberta, Canada Feb 1, 1999. The law allows police and child welfare employees the right to take young prostitutes and bring them to safe houses even without their consent. These underage prostitutes will be detained in designated houses and given counselling, their own rooms and will also be placed either under a long-term social care or a government care program.

Government domestic functions, Prostitution

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