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Gold/Mining/Energy : GMD RESOURCE
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To: Alex Harrington who wrote (721)4/24/1998 10:46:00 AM
From: Richnorth   of 1030
 
It seems to me that some machinations had been perpetrated in connection with the most recent GMD Private Placement Funding. From some sources I heard that the private placement was to have been done at $1.00. Then I was told it was to be $0.80 (i.e. 80% of $1.00) at which someone 'accidentally' muddied or deliberately "screwed" things up. Apparently some people stood to gain from all this 'hanky-panky'. Then apparently to 'placate' offended parties (one of which is 'SG' of Paris, France) or to play fair and square, GMD was obliged to lower the private placement to $0.68 (80% of $0.85). What is wrong with this? As a result of less than coordinated efforts and maybe incaution with regard to sleazebags hanging around, shareholders' equity was diluted quite unnecessarily. Remedy: sever all connections with sleazebags and constantly strive for utmost efficiency!!!

I was told that with the new set-up, GMD will be stronger, meaner and cleaner and more efficient. However, it seems to me the sleaze effect of the past continues to linger. Let us hope it does not fester and stink to high heaven. Otherwise GMD will ever be emasculated by a crisis of confidence with the result that only a few (especially the deal makers) will get rich while the rest will ever remain frustrated and poor.
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