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Gold/Mining/Energy : Naxos Resources (NAXOF)
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To: Yin/Yang who wrote (11241)3/29/1998 1:19:00 PM
From: Henry Volquardsen   of 20681
 
Yin/Yang,
I strongly agree. I posted on this subject recently. I don't know Jimmy John personally and only spoke to him briefly once so I won't indulge in any specific comments on his actions. On the positive side he put a lot of his own money into the company when things were pretty bleak. On the negative side it is very clear to me that Naxos has suffered from amateurish management for some time. There has been a crying need for professional mining personnel for some time now. I have heard people accuse JJ of running a stock scam. I prefer to believe it was poor management and an excess of ego (happens to all of us). In either case Naxos suffered significant delays because of it.

Matt Walters is an entirely different subject. His clear conflict of interest was known for sometime and JJ did not act decisively. I don't know of any other secrets involving Matt but believe there are more than enough serious questions regarding this one. JJ's insistence on keeping Matt in his position is my biggest question regarding JJ's performance.

While I believe these are important facts, the more important issue is that moves have been made to put these amateur practices behind us. Whatever the nature of the "palace coup" it has started to finally move Naxos in the right direction. This is the most important development for the future of Naxos. We, as shareholders, must all be vigilant to guard against any return to old practices.

Henry
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