Shareholders take YBM to court

Article Abstract:

YBM Magnex International Inc., a Pennsylvania-based industrial magnet producer incorporated in Alberta, has been dragged in court by institutional shareholders who want to replace the current board with their own pick. On Sep. 18, 1998, an order against the firm was issued by the Alberta Court of Queen's Bench. All files in the case have been sealed at YBM's request. YBM, which is listed on the Toronto Stock Exchange, is controlled largely by Connor Clark & Lunn Investment Management Ltd., a Vancouver, British Columbia-based pension manager which owns about 14% of YBM's 44 million shares outstanding.

Comment:

Is dragged in court by institutional shareholders who want to replace the current board with their own pick

Stockholder data, All Other Miscellaneous Fabricated Metal Product Manufacturing, Alberta, Permanent Magnets ex Ceramic, Permanent magnets

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Can account for missing money: YBM

Article Abstract:

YBM Magnex International Inc. can account for the missing US$20-million, which was believed to have disappeared. According to court documents, YBM lost more than US$20-million between July and September 1998. However, the company said that the money was used as a repayment of certain debt obligations and other activities of the company. The issue will still be investigated by a board committee. Meanwhile, a group of investors who filed the documents succeeded in their attempt to win three seats on the company's five-member board.

Comment:

Can account for the missing US$20-million, which was believed to have disappeared

Motorcycle, Bicycle, and Parts Manufacturing, Pennsylvania, Capital funds & cash flow, Bicycles & Parts

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