Goldcorp meeting

Press, 5 August 1988, Page 19

Goldcorp meeting

PA Auckland Lawyers representing Goldcorp Exchange bullion investors have met the company’s receivers to determine what information would be sought from the High Court. Mr Michael Dakin, a management consultant and head of the action committee of Goldcorp Exchange certifi-cate-holders, said they were getting the co-operation they had wanted from the receivers.

The group’s initial threat of applying for a High Court injunction to freeze Goldcorp’s assets would be carried out as a last resort. The committee represents about 130 certificate-holders who want either the gold they bought handed to them or its value at the market price on the day of settlement.

The investors wanted to know how many certificateholders there were, how much bullion they claim, and how much is available, Mr Dakin said.

They also wanted the bullion business practice of Goldcorp explained, whether the gold was insured, and an assurance that the receiver will halt bullion dealing until the claims are settled.

The receivers, Mr John Cregten and Mr Bryan Kensington from Arthur Young, have applied for a High Court hearing to gain judicial guidance. It was hoped a date would be set by the end of next week.