Henry,
The problem is you have had lots of disparaging comments about Fred Arkoosh, but little critical analysis of Sid Kemp, whom you appear to support. A few remarks about your comments on Fred:
If the fact that Fred is a successful businessman means nothing regarding his ability to manage Naxos, what about someone like Sid, who is not a successful businessman? What makes him a better choice than Fred? As far as I recall, Sid is accused by the ASC of improper filing of insider trading reports. Given that he is an attorney, one would think that he at least is competent to know basic legal reporting requirements and to follow them. If the ASC charges are true, then he cann't even utilize his own area of expertise to keep himself out of trouble. How are we supposed to have confidence in him dealing with something he has little expertise in, that is, running a business, one that is very technical for that matter.
Also, one of the company's major ongoing problems has been a legal one, the controversy with the ASC (and the ASE before that). Sid has been the company's legal advisor for years. Did he ever advise against the types of releases that Naxos has had in the past? Maybe you, or someone with closer ties to Sid, can answer that question. From what I understand, Fred strongly recommended against settling the ASE problems without including the ASC, which he suspected would backdoor Naxos and come up with similar charges. Sid either did not agree (which was obviously a major legal blunder) or, if he did, was too weak to stand up to those who did not.
You also don't care much that Fred has a substantial personal stake in the company through purchase of over a million shares, while Sid has invested very little in the company (what little he does have, apparently came through stock options; mind you, his law firm reaps over $200,000 a year from Naxos). I don't understand how you can find this factor of little importance. It seems basic that someone who invests in a company believes in it much more than someone who does not. The comparison here is not between Fred and JJ, but Fred and Sid (JJ received a lot of his shares for free or cheap while Fred even recently, before Thursday's release, bought over a hundred thousand shares on the market). On this front, Sid is extremely lacking.
Regarding Allen & Co., please direct us to any release that said Fred was coming on board to facilitate their investment in the company. I always thought his major job was to settle the ASE problems, which he did and that allowed us to trade in the U.S. It is apparently Sid and company that failed to heed his advice and hold off on settling with the ASE until the ASC charges were also settled.
Regarding Ledoux, I too hear Fred has a very good relationship with them. I don't know who is telling you otherwise. I guess we'll find out in the not too distant future. Judging from last Thursday's release, issued by Sid, it seems that it is Sid who has a pretty bad relationship with them. If the release is accurate, he managed to throw in limbo an otherwise excellent relationship that has existed for years between Ledoux and Naxos.
Regarding Norton, I'm not sure how qualified he is in the mining industry. If someone can, and maybe you can, please post his educational and mining industry background (including how long he worked with whatever mining companies he worked for).
All of your other comments are what this and that person told you that they heard from Fred. I find them very unreliable, particularly with comments like Fred is not interested in pursuing the conventional route. Given your history on this thread, I would have expected better DD regarding what you were told.
sh |
