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Show The National Enterprise, January 5, 1977 Page eleven Petro- - Silver Rescinds Merger DENVER Petro-SilveInc. (ISE .02, .025) said it has entered into a rescission r. agreement with Aviation Equities. Ltd. for the acquisition, made April 7, 1976, of Clinton Aviation Company. According to Petro pres- ident Gerald L. Jensen, Clin- ton Aviation is a large fullline Cessna dealer, operating a fixed base operation at the Arapahoe County Airport near Denver, Colo. Aviation Equities Ltd. also owns a interest in a ing camp in Tamaulipas one-fourt- h Mexico, Vista. Lago vince, fish- Pro- as known Under terms of the rescission agreement. Aviation Equities - J f k ' Would I be too out of step with our times were I to point out that there is something deeply right about this country? A year ago a man was walking up to people and saying I'm Jimmy Carter and Im going to be your next President." A lot of columnists didn't take him seriously but the people did. They made him the next President. When you think about it, it can almost make you tingle. Despite all the talk, the people still count in America. For some reason, however, the very same people who can make a man President or private citizen, seem to continue to believe that they have no say in their destiny. I was at a Christmas party a week or so ago. Jimmy Carter came up in the conversation. I suggested that I was fairly impressed with the flexibility of this country. He told Rockefeller's behind all this. Wait me not to kid myself. someone And else asked me if I really then and sec." believed that the people with the money were going to let some outsider walk in? And so it went . . .the same old story. Ive been hearing it for years. When Rockefeller became Vice President do you remember what some people were saying? "It w'ont be in will House. he White and be the long," they said, Well, on Jan. 20, Mr. Rockefeller becomes a private citizen. Are any of the far right members of our society going to admit that they were w'rong? And while they are admitting how wrong they were in that area, why don't they tell us what happened to that famine that was sure to hit last year? Or what about the red money that was going to be introduced. Or how did the gold that w'as missing from Fort Knox so mysteriously get back? Or for that matter, how did we lose money in gold at $200 per ounce'last year when they told us we couldnt lose in gold? If you'd allow me a New Years wish, it might be that the far right betaken a good deal less seriously this year. And I might add that I have no greater respect for the left wing. Every time I get in a car and hear the seat belt buzzer go off. I get an intense desire to punch Ralph Nader in the nose. Frankly I've had it up to here with him and the Sierra Club and the whole group. I went to a dinner about a month ago and Robert Redford was speaking. He talked about howr sick it made him feel when he and three or four friends came upon power lines returned the 10,220,860 shares of stock it had received under the acThis brings the quisition. issued shares of Petro Silver to the original 24,564,071 issued and outstanding before the merger. Jensen told the Enterprise that Petro had made loans to its subsidiary of approximately $300,000 and it looked like the company would have to spend another $1 million for additional funding in the next year. We simply didn't have the resources to support this type of loss on behalf of this subsidiary," Jensen said. while riding on horseback. He gave us a bunch of talk about the quality of life living with our environment lowering our expectations, etc. You've heard the speech. Well lets look at it from another angle. Those power lines were headed toward Los Angeles we were told. I'll just bet that real people in L. A. would like to have that power and keep their jobs. Or do I just have my priorities mixed up? Arc four or five people on horses more important than millions in Los Angeles? Why must so many of us only see the world in extremes. Of course we have to protect the environment, but we have to have jobs too. Of course the Russians can't be trusted 100, but they have to be talked to. Of course the rich have a lot of influence in this country, but the poor have more votes. There arc about 220 million people living in this country. Its impossible for all of us to have our wray. When we dont get our way, it's tempting to think that things were rigged. Why don't we resolve that we are going to start with the simple explanation of events this year and then work toward the bizarre. Believe it or not, some things really don't have plots and sub plots. Maybe there really is a shortage of oil in this country. Perhaps we really arc using more than we can produce at these price levels. Perhaps the Russians really are getting stronger military. And isn't it just possible that people will stop investing in business if it gets too hard to make a profit? I told you I felt good as we move into 1977 and I do. Despite our obvious problems, we arc still able to shift directions more quickly than any other major country in the world. Look at the ages of the leaders in Russia and Peoples Republic of China. One old man followed by another old man. a relatively unknowm But in this country a person can still decide that he wants to be President. It person was once assumed that he couldnt be Catholic. Or that he couldn't be from the South. Someday our President will be a woman or Black or both. The truth is that we have the most flexible system of any of the major powers on the earth. It makes me feel good about our future. Good luck Jimmy Carter. I didnt vote for you but I'm behind you. And Happy New Year America. As it turned out, Clinton Aviation was a little too big for us to handle. Jensen said terms for repayment are part of the rescission agreement and should be paid in full within one year. Petro has already received $60,000; $150,000 is due in April; and the balance due later. Jensen also announced that Robert Sutherland, who had joined the board of Petro in connection with the acquisition had resigned in C.L. and November Buster'' was Stewart elected to replace him. Stewart has had long experience in the uranium business and is familiar with the company's 3500 uranium claims in southern Utah. Jensen said at present the company is looking for a source of continuous revenue. They hold an 80 acre coal mine near Price, Utah and are currently trying to acquire surrounding property. "Petro does not intend to go into the coal mining We business," he said. will look for someone to sublease the property to and take back a royalty." Jensen said the company is planning a shareholder meeting in Salt ake sometime in February. . . The Prince Column by John Prince Partner, Prince, & Greer. Ingheinrich |