BGMO Government GUARENTEED $1 BILLION>Announces One Billion Dollar Investment in Subsidiary Bergamo
Tuesday 09/01/2009 7:10 AM ET - Businesswire

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As of 10:50 AM ET 9/1/09
Bergamo Acquisition Corp. (OTC Pinksheets: BGMO) has entered into a contract with LondonWall Investments Ltd. for a $1 Billion USD equity investment into Bergamo's wholly owned subsidiary, Bergamo E & A, a Pakistani Corporation. The investment will fund the previously announced energy projects in Pakistan, including the clean coal plant and a series of solar projects. This investment comes as a direct result of the Government of Pakistan's issuance of its Sovereign Guarantee to Bergamo E & A for the purchase price of all of the energy to be produced by the projects and for the absolute guarantee of payment for the energy produced by the projects. It should be noted that the Government of Pakistan has never failed to pay an obligation backed with its Sovereign Guarantee.

It is through the Sovereign Guarantee that LondonWall Investments Ltd. has agreed to the funding of Bergamo E & A in the amount of $1 Billion USD. The total value of the energy to be produced by the projects through the contract period is approximately $2 Billion USD, which represents the approximate value of the Sovereign Guarantee.

In place of the previous funding arrangements, Bergamo E & A obtained Pakistan's Sovereign Guarantee. With that Sovereign Guarantee in place, it was determined that the best alternative for all parties concerned was to use the Sovereign Guarantee for investment purposes. In consideration for the $1 Billion USD investment, LondonWall Investments Ltd. will receive 5% of all gross revenues generated by the energy projects in perpetuity and 5% of all gross revenues from ventures funded with this investment. Additionally, LondonWall Investments Ltd. will share in 50% of the profits from any projects funded through this investment. There are no restrictions on the use of the funds.

Bergamo Acquisition Corp also announced the vendors that will be participating in the energy projects. An agreement has been reached with Shabaz Coal Energy Company to build the clean coal plant in the Province of Sindh in Pakistan. The solar projects in Pakistan will be handled by Suntrough Energy Pakistan Ltd.

Final arrangements are being made with the Government of Pakistan for the energy projects. Once the Government of Pakistan confirms the $1 Billion USD investment into Bergamo E & A, the Government will enter into a contract on these projects as outlined in the Letters of Intent signed in July. Bergamo CEO, Hillard Herzog, commented, "I am very pleased with the results of our negotiations. Twenty-one days were spent in Pakistan in July making certain that we had absolutely everything we needed to get this deal done. Shareholders should note that this is an equity investment into our subsidiary, Bergamo E & A. The use of the sovereign guarantee makes no repayment of the obligation and no issuance of shares of common stock or warrants. We will keep shareholders informed of material events regarding the progress of these projects."

The next steps in this process include the following: (1) Bergamo and the investor will prove to the satisfaction of the Pakistan Government that the $1 Billion USD is available for the project to commence; (2) the Pakistan Government will enter into contract on the clean coal and solar energy projects as outlined in the Letters of Intent; (3) the projects will be funded and construction will commence. The clean coal energy project is contracted to be completed within 14 to 18 months upon signing of the contract with the Pakistan Government. The first of the solar energy projects is expected to be online in approximately nine months following the signing of the contract with the Pakistan Government.

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Murphy's flaws

For two years, Jack Hanbury, an Ashland, Ky., litigator turned day trader, has subscribed to Technology Investing newsletter, which is composed by widely quoted tech guru Michael Murphy. Last week Hanbury was sufficiently disgruntled with the collapse in tech stocks that he sent a six-page critique of the performance of the newsletter's stock picks to various reporters. Among other things, Hanbury took issue with Murphy picks such as JDS Uniphase, EMC, Corning, Sun Microsystems, Nokia, Check Point Software and Scientific Atlanta, noting their price collapses following Murphy's recommendations. He also cited Murphy's "consistent" bullishness "while tech stocks were in a free fall." His biggest bugaboo is the advertising on Murphy's newsletter that proclaims him "America's # 1 hi-tech stock picker." Writes Hanbury: "I'm no mathematician, but Murphy's subscribers ... lost half their money since January of 2001."

Murphy's advertising has been the subject of criticism before, specifically by Hulbert Financial Digest, which tracks the performance of newsletter writers. Murphy blames his distributor, Phillips Publishing. Hulbert notes that California Technology Stock Letter, Murphy's oldest newsletter, ranked in second place for the 10-year trailing period back in March '97. Since the end of '82, Hulbert says, CTSL's recommendations have fallen 71.7%, versus a 979% gain for the Wilshire 5000 and an 843% gain for the Nasdaq. Technology Investing has a slightly better track record. Since the end of '98, its recommendations are down 8.1%, compared with a 13.5% loss for the Wilshire and a 33% drop for Nasdaq.

Returns in Murphy's tiny mutual funds, which invest in tech and biotech plays, have suffered too. In fact, assets are so depleted that Murphy is considering merging Monterey Murphy New World Technology and Monterey Murphy New World Core Technology. Of Hanbury's critique, he sighs: "Fundamentally the guy is right, if you start from a high in the tech market. It's been a terrible market for tech stocks. We still think these big tech names are in a substantially better position because so many erstwhile competitors have run out of money. The computer revolution has hardly begun."

From "Barrons", August 5, 2002

This is a great board idea. "someone" perhaps nomoderator should try to promote the site.

I think it's a similar psychology of using an actual stock broker. Although, you make the final decision whether to buy and sell, it gives you somebody else to blame. It's easier telling your wife that it's the broker's fault or you followed the stock market newsletter's recommendation.

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Rick... ô¿ô