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Gold/Mining/Energy : Naxos Resources (NAXOF)
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To: GlobalMarine who wrote (14476)7/20/1998 12:47:00 AM
From: Random Walk  Read Replies (1) of 20681
 
I met Paul Blumberg awhile back. Sat with him, found him to be genuine. He appeared to be unnerved by the 'old mgt', they had met with him the day before. This was in the days of multiple OPT which he called propaganda. He claims he never wanted to see their releases. We all know what has happened since. I have corresponded with Mr. Blumberg several times since and he has always been concerned with the reputation of his company. I find it hard to believe that this man has anything to do with this mess, but anything is possible. I will make it a point to visit him again tomorrow on my way to the Jersey Shore. I will post my findings. BTW I support no management team that can not figure out the simple analysis of 'Economic Value Added'. Here's a lesson: If a dollar of capital is available for: project, investment, development, takeover, tax, debt reduction, share buyback etc. Where is that dollar most efficiently placed? Perhaps each Naxos dollar invested in Venezuela etal. could have been used to develop j/l. Perhaps those dollars could have been better used in share repurchase, one time cash dividend(pump the stock for warrant conversion) combined with a pp for joint venture w/ GPGI on their 'development' tech. ;)
Don Schreiber
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