Show fy '"v t'1 alt Cake tribune Section C company’s stock price when it came back to trading was not unexpected” said Alfred Woo head of the Vancouver Stock Exchange “We expected it to be lower than the pre-ha- lt price” Tribune Staff Writer The Canadian company attempting lo buy Triad America Corp’s profitable oil subsidiary saw its stock Monday from $12 to $468 a plummet ' halt in share (US) after a month-lon- g Resources Ltd’s stock in jcrumbled Monday and the free-fa- ll jthe company’s stock price could cre-- J ate another obstacle for its troubled bid to acquire Triad’s Edgington Oil Co subsidiary i Skyhigh based in Vancouver British Columbia has bid approximately I $90 million for Edgington But rough- ly $55 million of the Skyhigh’s bid is ' based on its stock price Triad has pledged to use the pro-- i j ceeds from the Edgington sale to pay ? off creditors Skyhigh failed last week to raise money for the Edgington bid by sell-- f ing stock privately to investors — 1 what is called a private placement — within the time limit imposed by reg-- l ulators “Given the collapse of the private ‘ placement financing the lose in the problems were further complicated by news reports linking Mr Khashoggi and Mr Fraser to arms shipments to Iran Mr Fraser Monday denied any involvement in the arms deal (See related story — A- Skyhigh’s Sheraton based in Boston alleged in a lawsuit against Triad that the Edgington sale is aimed at defrauding creditors The lawsuit also seeks payment of $10 million unconditionally guaranteed out of approximately $152 million loaned to Triad Sheraton obtained the temporary restraining order just as Skyhigh was completing its private placement Mr Fraser said And this scared the company’s prospective investors Triad chairman Mr Khashoggi and Triad president Donald Fraser are directors and major shareholders of “If the injunction hadn’t been put on this could have been completed and all the creditors would have been paid off” he said “I have to get the TRO lifted and sell the energy com- Skyhigh Mr Fraser said Monday that he believes Skyhigh will be able to complete the acquisition “There are several ways the deal could be restructured” he said “It’s up to both companies to determine how” pany That solves all the problems for Triad and its creditors "Hopefully in a very short time we will have Triad back on its feet and up and operating” Mr Fraser said Oil Prices Escalate As a Cold Europe Clamors for Fuel Khashoggi Firm Wanting In On Solomon’s Mines Finds Trouble VANCOUVER British Columbia (UPI) — The British Columbia government Monday issued a ceasetrading order on the stock of a company chaired by arms dealer Adnan Khashoggi saying it had not provided details about its involvement in a search for King Solomon’s mines Michael Ross British Columbia superintendent of brokers issued a investigating information received that raises my concerns as to the adequacy and timeliness of Vault disclosures to the public regarding major transactions” Ross who acts as chief administrative officer for the British Columbia Securities and Exchange Commission said he also is investigating Vault trading patterns for possible improprieties Vault was listed Nov 20 on the exchange at 35 cents a share and rose to $350 until it was halted by the exchange last Tuesday Vancouver exchange spokeswoman Joyce Qourtney said the exchange referred the matter Friday to the superintendent of brokers resulting in Monday’s suspeng sion The order lasts for 15 days but can be extended g order on shares of Vault Explorations Inc a Vancou- ver I exchange-liste- company d United Press International Oil trading on US markets reached the mark for the first time in nearly a year Monday as a cold wave in Europe unleashed heavy demand for heating fuel and pushed crude prices past OPEC’s $18 price target Oil company stocks listed on US exchanges were sharply higher On the New York Mercantile Exchange West Texas intermediate — the benchmark US crude for immediate delivery — climbed 24 cents to $1901 a barrel It was the highest close since the crude finished at $1966 a barrel last Jan 30 On the US Gulf Coast spot market West Texas intermediate jumped 55 cents to $1905 a barrel — the highest point in almost a year On the European spot market where oil is sold to the highest bidder Britain’s North Sea Brent crude hit $19 and then pulled back somewhat to end the day at $1880 a barrel Brent traded at $1830 a barrel Friday "The treacherous cold in Europe is going to make Brent stick at $19 at the close sooner or later” said Jay Amberg crude pricing editor at the Oil Buyers’ Guide in Lakewood NJ West Africa It has been speculated that these are in fact the legendary King Solomon’s Mines” Khashoggi also is listed as chairman of Mali American which said it holds mineral concessions in West Africa Ross said his staff is “actively cease-tradin- chaired by Khashoggi The exchange has already halted trading in the stock Vault a small company based in the interior British Columbia town of Kelowna has said in recent statements it hopes to acquire a 48 percent stake in Mali American Mines Ltd a Denver company trying to find investors to join in the search for King Solomon’s mines “Gold may be the only commodity with real value within the next few years” a recent Vault statement said "It has long been known that perhaps the last great gold reserves are in the country of Mali in New cease-tradin- ProTel York Stock Jan Exchange 12 1987 UP M33 0 VOLUME 184220000 ISSUES a TRADED 2025 DOWN 533 N YS 14931092 index E 26030 &P Comp Dow Jones Ind 200942 S Energy Issues Lead Another Market Surge - stock market advanced The Executive Swivel Chair 4 DRAWER Production CAPITOL INDUSTRIES INC 486-840- 9 THAN HON AND A BACKUS PRICE JUST CAN’T 252L list $9600 254L List 147 $199°s ADVANCED FILE $5995 $3995 HANGING FOLDERS 6z-1- 8 2 DRAWER FILE Manila folders 6" $499 letter size letter size box of 25 MANAGEMENT HON Mon- broadly day extending its 1987 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Business Telephone Systems COMPARE: THERE JUST ISN’T A BETTER Page By Steven Oberbeck Tribune Staff Writer A depositor group has called upon customers with funds in Utah’s five troubled thrift and loans to join in legal proceedings against the state The depositor group known as Depositors of ILGC Thrifts has operated as an informal steering committee for some 20000 thrift customers during the past several months and at times has represented depositor interests on an informal basis to the Utah Department of Financial Institutions At a meeting Monday evening at Woods Cross High School the depositors group’s Gary Sti n called upon thrift depositors to band together so that “we can establish a legal platform from which we can attack the state” He announced that the law office of Melvin M Belli has offered to do the initial legal groundwork for the thrift group at no cost The Utah Department of Financial Institutions began taking steps to take over the five thrifts — Western Heritage Copper State Commerce Financial Charter and Interlake — after it declared the thrift’s private deposit insurance fund the Industrial Loan Guaranty Corp insolvent on July 31 1986 State regulatory officials have said they are aware of a growing sentiment among thrift depositors to test the state’s liability in the crisis through the filing of legal actions “The state is liable” Mr Stratton said “and the only solution acceptable to all of us is the return of 100 percent of our deposits” A group of thrift depositors most of whom deposited money in Copper State Thrift & Loan met on last Thursday and were told by several attorneys that legal actions might help them recover their deposits At that meeting Copper State customers were asked to contribute toward a legal fund that would be used for litiga- SHARES S UNCHANGED 359 1987 Depositors Must Join In Suit Says Group The Market In Brief Edgington is considered one of Triad’s few unencumbered assets The company based in Long Beach Calif is a refiner and marketer of petroleum products with sales of more than $500 million in 1985 Trading in Skyhigh stock was halted Dec 10 at the request of the company after The Sheraton Corp obtained a temporary restraining order from a US District Court magistrate blocking the Edgington sale trading A Skyhigh 13 Tuesday Morning— January Buyer of Triad’s Oil Subsidiary Hits Snag as Stock Plummets By Guy Boulton rfry IDVI nirWTTfnii 350-968- 0 0 0 iff i4l 4ffH 4— a |