This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

Petromin Resources Ltd. dissidents Ivano DeCotiis and Tyrone Daum have lost their legal effort in the Supreme Court of British Columbia to begin a lawsuit on the company's behalf. A judge has ruled that the proposed lawsuit, which would have revolved around a potential $1.8-billion (U.S.) arbitration award, would not be in the company's best interest. The company has no money to pursue the matter and the prospects of success would be poor.

The ruling is a setback for Mr. DeCotiis and Mr. Daum, who claimed that Petromin's board misappropriated an interest in a company called TerraWest Energy Corp. They said that much of Petromin's interest landed in the hands of offshore companies in transactions that were far from transparent. They also claimed that the interest could be worth a considerable amount of money, depending on the outcome of an arbitration case. They had sought to begin a lawsuit on the company's behalf to recover its full interest in TerraWest.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS