Vallenar Energy

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    Brek Energy fiasco continues, more losses and restated earnings

    The farce that is Brek Energy continued in August with the reporting of yet another quarterly loss and a restatement of previous earnings because the firm had classified some expense as revenue.Brek, into which the Bank of Bermuda and clients of Bermuda-based Lines Overseas Management invested in excess of $28 million, reported a net loss of $3.4 million for the quarter ended June 30, 2002.