BWIA : Don=92t worry about court case Trinidad Guardian BWIA executive on Thursday reassured its staff that it did not break any=20 laws when it launched an Initial Public Offering in December 2000. This=20 was stated in a company memo obtained by the Guardian. That IPO is now the= =20 subject of a Representative Action filed by a group of BWIA shareholders=20 against the airline last December. It is a matter which BWIA corporate=20 director Clint Williams refrained from commenting because it is before the= =20 courts. However, in the internal memo signed by Williams, the BWIA=20 executive gave its employees every guarantee that they should have no=20 fear. =93The company is confident that this action will not be successful,= =94=20 said the memo. It also explained the steps taken to obtain an IPO as required by the=20 Securities and Exchange Commission: =95 Review and Approval by the BWIA Board of Directors including the Finance= =20 Committee. =95 Review by independent accountants of the reasonableness of the= strategies=20 and assumptions, including an Accountant=92s report on the Profitability=20 Forecast, and review of the Prospectus and the Auditor=92s Letter of= Consent,=20 and =95 Investigation and approval of the plan by the Securities and Exchange=20 Commission.=94 BWIA maintains it followed =93all steps and received all requisite approvals= =20 prior to the IPO.=94 Contacted Wednesday, an official from the SEC described similar steps which= =20 must be taken before a company can launch its IPO. However, one the first= =20 page of the BWIA Prospectus for the IPO there is a SEC disclaimer: =93The=20 Trinidad and Tobago Securities and Exchange Commission has not in any way=20 evaluated the merit of the securities offered thereunder and any=20 representation to the contrary is an offence.=94 The SEC official noted,=20 =93The SEC reviews the draft prospectus and determines whether or not the=20 prospectus has full and fair disclosure, sufficient for the investor to=20 make a full and informed decision.=94 *************************************************** The owner of Roger's Trinbago Site/TnTisland.com Roj (Roger James) escape email mailto:ejames@escape.ca Trinbago site: www.tntisland.com Carib Brass Ctn site www.tntisland.com/caribbeanbrassconnection/ Steel Expressions www.mts.net/~ejames/se/ Site of the Week: http://www.atlanticlng.com TnT Webdirectory: http://search.co.tt *********************************************************