- 17 -
against Deutsche Bank and others, with a potential recovery of
$100 million, which accused the defendants of actions that had
negatively affected the value of its stock.
Solv-Ex’s Operations After Discharge From Bankruptcy
Because of a change in the Venezuelan Government in late
1998 that led to the dissolution of one of Solve-Ex’s prospective
Venezuelan partners, the Venezuelan project for the
commercialization of Solv-Ex’s Ti02S technology never
materialized.
Upon emerging from bankruptcy in August 1998, Solv-Ex
retained its technologies and other assets, including the land,
office building, research facility, pilot plant, acid plant, and
machinery and equipment in Albuquerque, New Mexico, plus various
tax refunds and other claims. It retained employees to oversee
its continued research and development efforts with respect to
its technologies.
Solv-Ex continued to seek funding for future operations,
and to that end, in November 1998, it raised $812,000 through a
private placement of 1,624,000 shares of new common stock and
919,400 stock warrants. At the time of the trial, Solv-Ex had
never earned a profit, had not produced for sale any oil or other
products, and had not had any sales from its research and
development technologies. Nor had it been successful in
recovering any amount from any lawsuit. Moreover, as of October
Page: Previous 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 NextLast modified: May 25, 2011