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of facts, with accompanying exhibits, is incorporated herein by
this reference.
At the time the petition was filed, petitioners resided in
Albuquerque, New Mexico.
Solv-Ex’s Formation and Operations Through March 1997
Solv-Ex was incorporated on July 2, 1980, under New Mexico
law. Mr. Rendall and another individual were the founding
shareholders. Mr. Rendall purchased 2,700,000 shares of Solv-Ex
common stock at a cost of 1 cent a share at the company’s initial
offering of stock on July 2, 1980. Beginning on July 17, 1981,
and ending on August 7, 1996, Mr. Rendall’s common stock interest
in Solv-Ex underwent a net increase to 3,162,860 shares.4 Mr.
Rendall served as chief executive officer (CEO) and chairman of
the board of Solv-Ex from its inception through November 1, 2000,
when he resigned.
Solv-Ex’s business activity consisted of researching and
developing a process to extract bitumen from oil sands and
convert it into a synthetic crude oil. Solv-Ex claimed to have
developed a cost-effective method to extract and process oil and
industrial minerals from oil sands. Solv-Ex also claimed to have
developed a patented process to recover raw aluminum and other
marketable mineral products from the fine clays contained in oil
4 During that period, Mr. Rendall purchased a total of
677,860 shares at prices ranging from 1 cent to $19 a share, and
he sold 215,000 shares.
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