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« Apex Silver Mines Limited: Buy, Sell or Hold? | Main | Hecla Mining: Short-term BUY! »
Thursday
May292008

Endeavour Silver Corporation Sues Canaccord

Endeavour logo 11oct07Canaccord logo 30 May 2008

Bradford Cooke, Chairman and CEO of Endeavour Silver Corporation is suing Canaccord for not following their instructions to buy bonds and instead purchased $5 million dollars worth of Asset Backed Commercial paper (ABCP).

In an interview on BNN Mr Cooke pointed out that the companies instructions had not being implemented correctly as some of their funds were now tied up in ABCPs, which do not provide the liquidity that bonds would have provided. He also pointed out that Endeavour were prepared to come to an arrangement so this issue could well be settled outside of court. Other mining companies, including Barrick have apparently come to similar arrangements to unfreeze their funds, so it looks as though as precedent has been set.

Even though Endeavour does not need these funds at the moment we are pleased to see them stand up for their rights in this matter and call Canaccord to account.

For anyone else out there who believes that they are holding bonds it might just pay to dig deep for confirmation that you have acquired exactly what you ordered.

To watch the interview on BNN in full, just click this link.

Have a sparkling day!

Endeavour Silver Corporation trades as EDR: TSX, EXK: AMEX, EJD: DB Frankfurt.

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