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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: Larry Macklin who wrote (16652)	10/13/1998 11:44:00 PM
From: Gregory D. John	Read Replies (1) of 20681

Larry, If it's one thing I've found out... "real facts" are often hard to come by. So much of Naxos' problems for the better part of the year has been caused by people claiming perception as fact. What I'm about to say is just my perception... perhaps no better than just an opinion. Also, I am still bound by loyalty to Naxos that I certainly have every right to hold back certain things that are not public for legitimate reasons. Let me first begin by re-stating that the following post by you is not true. "The real reason was because Jimmy John gave his full support to the deal and then back-doored them and withdrew from the deal." My understanding is that JJ would participate in the plan if, and only if Sid could get sufficient support for the plan. JJ was not going to come up with the $8 Mil all by himself. Inasmuch as how much JJ would participate, that depended on the share prices and such. All in all, the plan was a good plan that addressed the extreme camps (those who supported J/L but not Sid, and those who supported Sid but not J/L). Problem is... Dad is in neither camp. He's only in one camp: the camp that believes in making Naxos a success. If J/L can do it... great! JJ certainly acknowledged the fact that Sid clearly was making progress with conventional deals and promotion of our professional talents (Norton and Ison). Few other J/L supporters gave Sid a fair shake... but, then, Sid didn't exactly court them. The question is really a financial one. What do you do, given this plan, if you believe in the conventional AND Franklin Lake? In any case, it was a shame that the plan was rejected by the Franklin Lake extreme... I'd hazard because of their hatred for Sid. A missed opportunity? Many in the past would have considered the option to buy 60% of Franklin Lake for $8 Mil as a pretty good deal. Previous capitalization attests to that. Greg

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