I know who you are. You may not know this but I was also an intelligence officer in the Marines during Vietnam. You can tell who a person is by how they write and what they know. And while you may feel that you can hide safely behind the skirts of your computer and throw aspersions about, it's obvious who you are. And you do have an agenda which I asked you to be candid about and you won't. So if you are not a director of WEX, why don't you identify yourself?
A letter of intent is a legally binding agreement. A contract is a more binding agreement, either can be changed when it makes sense. For this project to still be at the letter of intent stage is very strange. Right now WEX should do a financing, contribute enough money to make it easy for GPXM to get into production and redo the terms of the agreement to be more reasonable. As a lawyer, you fully understand deals can be redone. The only thing stuck in concrete is the management of WEX.
This deal does not do shareholders of WEX any favors. It was done to give Brant $5000 a month. And stop avoiding the issue, it's isn't the $50,000 downpayment. Brant gave away his flagship property, which he could have developed at any time over 21 years, for just enough money to keep the doors open. That's absurd. Of course, the alternative which you conveniently ignore is that WEX develop Ashdown which would have been easy to do with management and money in the company. But you wouldn't fund the $5000 a month needed, Brant wouldn't fund the $5000 needed so GPXM ended up with 60% of a great property for peanuts.
It's a bad deal for WEX and with the exception of Brant and you, everyone understands that. If you notice, much of the selling in the last 6 months is coming from Brant Securities. You and Brant have nice cheap paper which is being dumped on the market. You may or may not like Mike Hoy but it was his buying which moved the shares off TDC in the first place. So you are saying what a great company WEX is and how wonderful Brant is and both of you seem to be selling. I think your actions speak a lot louder than your words.
You know Brant got a letter from Mike Hoy in early December offering to do a private placement in order to redo the contract with GPXM and to buy out the NSR. You and Brant refused the money. Brant holds about 1 million shares, the majority owner in Ok owns about 2 million shares and most of the rest are in the hands of people who have probably forgotten all about them. Brant refused the PP money from Hoy in fear of losing control.
What's Brant going to buy the NSR back with?
Mike Hoy wants to move WEX forward. I happen to agree that's a good idea. You want to critize me for aspersions and then want to suggest I want to grab control of that "fantastic cash cow." I don't want to have anything to do with WEX. I'm an investor. I don't run mining companies but I get to see a lot of projects and people are quite willing to listen to what I have to say. I gave Brant a good plan two years ago that would have put WEX as 100% operator of Ashdown and like you, he talks out of both sides of his mouth. I have no desire to do anything other than invest in companies that can make me money. But a monkey could do a better job of running the company than you guys.
Ashdown is a couple of months away from generating something like $30 million a year US in cash flow or so. GPXM has a market cap of about $15 million and WEX has a market cap of maybe $6 million. It's pretty obvious to me that the market doesn't think much of either company and that says far more about Brant's management or lack thereof than anything I could possibly say.
If that's good management, give us an example of really poor management. |
