Thursday, August 23, 2007

List of Companies That Invested in Funds With ABCPs

Here is the latest known list of miners and other companies that have funds tied up to asset-backed commercial papers. This information is obtained from public sources and is certainly very partial.

Baffinland Iron Mines Corp: in July and August invested a total of $43.8-million of its $45.9-million in cash with three separate trusts sponsored by Coventree.

Barrick Gold Corp. : US$65-million or less than 3% of US$2.6-billion in cash.

Cameco: of its $332-million investment portfolio about $120-million was invested in asset-backed commercial paper. In the Canadian market they have $13-million in asset-backed commercial paper including $7.5-million in the Apsley Trust, managed by Metcalf and Mansfield and $5.5-million in Planet Trust, managed under Coventree Capital.

First Quantum Minerals Ltd.: reported Monday investing $10.5-million (U.S.) in short-term notes with three trusts managed under Coventree Capital Group Inc.

Goldcorp Inc. : $14-million or less than 3% of its $600-million in cash.

Ivanhoe Mines: $66.5-million of holdings in Canadian asset-backed commercial paper, representing about 34% of its total cash position of about $200-million. Of that, $13.8-million is held with funds sponsored by Coventree Capital

Miramar Mining Corp.: about $37-million of its $135-million in cash was invested in Canadian asset-backed commercial paper including 14 notes administered by non-bank financial institutions. One of these notes with a principal amount of $2-million, sponsored by Nereus Financial Inc., was not paid on its Aug. 17 maturity date and remains outstanding.

Northern Orion Resources: about $14-million (U.S.), or 5.8 per cent, of its approximately $240-million in cash and cash equivalents is invested in a Canadian asset-backed commercial paper fund.

New Gold Inc. : holds about $152-million in notes with Coventree

RedCorp Ventures: $102.2 million entangled in the liquidity problems of Coventree Inc

Russel Metals Inc.: $11 million in Coventree asset-backed commercial paper, or short-term loans, came due Thursday.

Silver Standard Resources Inc.: has some $57-million of its $197-million in cash and silver bullion holdings is invested in the troubled paper. Of this, $43.8-million is in Coventree-sponsored funds, of which $14-million that came due August 22 and had not yet been repaid.

Southern Arc Minerals Inc.: invested about $1.4-million of its $2.25 million in cash is in Coventree-sponsored funds last month, and that repayment of these notes had been overdue since Aug. 17.

Superior Mining International Corp.: on July 20, it invested about $1-million of its total cash holdings of $1.15-million in notes issued by a Coventree-sponsored fund on HSBC's advice. The notes matured Aug. 17, but had not been paid off.

Non miners:

Canada Energy Partners Inc.: $1.7-million of its $2-million in cash into Coventree funds, and these, too, have been overdue since last Friday.

Dundee Bank of Canada: owns up to $400-million of now-unsaleable commercial paper.
The bank said it will get rid of all of its asset-backed commercial paper, except for that sponsored by major banks, by passing it up to its parent, DundeeWealth Inc., or to Dundee Corp., the public holding company through which Mr. Goodman controls his financial services and real estate empire.

Jura Energy Corp. : $14.9-million of its $31.5-million cash with Coventree.

Transat: $154.5-million of its cash is invested in 10 different ABCP trusts, “certain of which” are managed by troubled Coventree Capital Group Inc. ,

The Goldfarb Corp. : $17.1-million or about 55% of $31-million in cash

Nav Canada: has $368-million. About three-quarters of its cash is in non-bank ABCP.


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