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I was finding a gold nugget stock like a desperate gold digger in the wasteland and I may be too enlivened so much that i may be illusioned that this stock will turn around. I searched yahoo and google engines (there is another L&M which is New Zealand co not to be confused), indeed there is statement that the co has a 25% stake with a formed identity called PETRONAD of Aceh where it is rich in oil and gas. I accumulated from 1.5c to 0.5c with my large proportion of savings -only $7k the most.
I was very keen to read news on Aceh also, recently there is news about the rebuilding funds and houses and they will allocate a fund to rebuild the harbour and improve security. I guess it must be for oil export that will commence in 2 or 3 years time.
S Kalimantan coal is also a valuable asset to L&M if Soeryadjaya securitise it.
Yes, I have also got 100 lots bought in 2003 at $0.02.
It have hit $1.50 at 28-Dec-1999 per share.
Just to confirm, it will relist in June to September this year 2007 ?
Pandan...
Thanks for your helpfulness...
Glad to discover there's still a glimmer of hope in an otherwise hopeless situation.
(I had long given up on it).
Any other revealing posts will be assuredly appreciated... :)
If u have a circular of 2004 or 2005, there is a line in the midst of the words implies that the company has a hidden asset (mentioned Aceh) to be a trump card in case the creditors 'push' too hard. Also, the director answered the investors during the EGM, that Soeryadjaya was in Indonesia trying to clinch one or two projects. So we wait lah.
The JM office told me the company will relist between June to Setember. U can call them . Bob Low 62241368
Pandan...
Thanks.. appreciate your kind posting... :)
Would you be able to comment as to how L&M may still have a chance to "come back from the dead"?
If i understand the case, Deutche Bank sold Adaro to Soeryadjaya when Beckett default the loan during the 1998s, then when coal prices shot up Beckett turned around and sued all parties (incl Temasek) in orchestrating the deal. When the case was on, the owner of Beckett whom is now the richest Indonesian man paid the Indonesian paper journalists to come down including their hotel stays to attend the hearings. This was the complicated court case and the spiritual battle of logics.
The alleged S Kalimantan coal is the high grade bio-diesel coal, it produces less pollution and burn efficiently.
If I am not mistaken, L&M went as high as $1.50 or thereabouts at one stage...
Can anyone confirm this?
Extract from "Chicago Global"...
March 23, 2006
Foreclosure in Indonesia
A dispute between Deutsche Bank and Beckkett Pte Ltd, a Singapore registered group, gained attention among business people both in the western and in the eastern world. It involves one of the first cases following the Asia crisis in the late 90s in which a western creditor to an Indonesian business was able to seize collateral and dispose of it. Therefore, the dispute is relevant both as a legal and as an economic and political issue. The (undisputed) and simplified facts are as follows: In 1997 Deutsche Bank granted a bridging loan in an amount of $ 100m to a majority owned subsidiary of Beckkett called Asminco Bara Utama. The loan was intended to finance the expansion of Beckkett?s stake from 15% to 40% in Adora Indonesia, one of the largest Indonesian coal mines. The loan was secured by the 40% stake of Beckkett in Adora. Furthermore, Beckkett provided a guarantee. The following year, Asminco defaulted on the loan. After lengthy negotiations Deutsche Bank finally decided to foreclose on the shares and to sell them to another Indonesian business tycoon, Edwin Soeryadjaya, for $ 44.2m. On February 21, 2006 Beckkett sued Deutsche Bank before the Singapore High Court asking to cancel the sale, return the shares as well as damages and payment for any lost dividends. First, Beckkett claims that Deutsche Bank was obliged under the loan agreement to raise a long term loan agreement when the bridge loan was due. Second, it alleges that Deutsche Bank disposed of the pledged shares at a too low price in order to wind up the guarantor, Beckkett. Deutsche Bank, counterseeking the remaining amount that is still owed from the loan, both contests the alleged collusion with the buyer when selling the shares and its obligation to raise another loan fund. Moreover, it argues that Beckkett is only interested in the shares of the coal mine company as the price for Indonesian coal has risen significantly after the sale of the shares. With the recent upswing in global commodity prices, that stake is now estimated to be worth more than $400 million. One Indonesian journalist reports on a blog that one of the parties invited six Indonesian journalists ? not including him ? to fly to Singapore paying for hotel, air tickets and meals to cover the trial (http://yosef-ardi.blogspot.com/2006/02/beckkett-vs-deutsche-bank-media-law.html). A day later, the journalist reports, an article on the trial was published in the newspaper Bisnis Indonesia. 80% of the article consisted of Beckkett?s arguments. For the journalist, it was clear which party invited the six journalists. What makes the case so interesting for the business world is less its legal details. More important is its impact on the economic and political situation in the country.
Continue reading "Foreclosure in Indonesia" » Posted by daniel.schloesser on March 23, 2006 at 09:26 AM in Asia | Permalink | Comments (1) | TrackBack (0)
Wow! at 1.00???
Forgot, I shared with a friend 1000lots at 0.015.
Also for fun!!!!
No news without fire. Hope something is brewing.
In Indonesia, anything can happen.
Many bought at above $1.00 !
Ya. I got 100 lots bought in 2003 at 0.02.
For fun. Just in case........!!
L&M
Anyone still "holding" this 'dead' baby?
Pandan...
Hey, this is a great post, man...
You mean there's still hope of a resurrection? Hope this Easter will bring some hope to those who lost heavily in this high-flying heavenly stock of yesterday.
I still remember it was how it was a hot, hot darling of the day which was very much sung about in the Business Times...
Any sort of post that rekindles some hope is much welcome... perhaps a miracle of a ressurection will put some good life back in the hearts of those who have lost... :)
Last year suit case on South Kalimantan Adaro coal case involving Deutche bank teamed with Edwin Soeryadjaya who is the chairman of L&M and Interra Resources. Search the Bloomberg terminal at National Library, the Adaro case was listed in the L&M news but not in Interra. If Soeryadjaya wins the case, u are sitting on the coal mine.
.
Also, L&M and the Judiciary Manager Bob Low (62241368) said there is no plan to wind up the company.
no news......
This company stock is suspended.
Anyone have any information whether there is a recovery for this company ?
Is there really any hope of the dead being ressurrected?
I had always thought that this company is already a complete write-off?
Just wondering if this stock will be lifted any sooner though under judisical mgt.
The boom in construction may give this stock a chance of life. If I remember correctly, its construction related biz has been sold.
Any comment?