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November 9, 2009

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Brief: Judge sets Dec. 7 for Pegasus decision

Tuesday, Nov. 3, 1998 | 2:33 a.m.

"There comes a point when all good things must come to an end," U.S. Bankruptcy Judge Gregg Zive said last week.

He set out a timetable leading up to the final hearing that will culminate in final arguments Dec. 3 and 4 and the decision at 4 p.m. the following Monday.

That would be six weeks shy of one year since the company, based in Spokane, Wash., turned to the court for Chapter 11 protection.

Unrelenting low gold prices and unforeseen equipment problems at its Mt. Todd Mine in Australia left the company with a $512.8 million loss for 1997.

Pegasus wants to form a new company named Apollo Gold that consists of Pegasus Gold International along with its three profitable mines, Montana Tunnels and Diamond Hill in Montana and Florida Canyon in Nevada.

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