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Gold/Mining/Energy : Canadian Warrants Only

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To: koan who wrote (2777)	2/21/2008 10:36:28 PM
From: PaperPerson	Read Replies (1) of 23102

I do not think we need to worry much (or fantasize much) about North American Palladium (PDL/PAL) getting taken out for a cheap price. Here is why. Besides the usual management and friends, a large block of PDL is held by one company that has maintained an equity interest since at least 1996. The company is KFOC, which is Kaiser-Francis Oil Co. kfoc.net This is the somewhat ambiguous KFOC referred to in PDL documents such as the investor presentation now being used for conferences. KFOC is a family deal, but there is one patriarch -- a Tulsa independent oil kingpin named George B. Kaiser. He has played a key role in obtaining financing for the company since at least 1996, has his OWN GUY on the board, and he and his family control 46.58 percent of the stock! Kaiser and family members had 48 percent prior to the December PP of more PDL stock. They did choose to exercise their right to buy more stock, keeping their percentage at roughly the same level as before. Francis' inside man at PDL is Steven R. Berlin, who was a vp of Kaiser-Francis Oil Company until January 2006, has been a director of PDL since 2001. Total Shares Outstanding: 79,271,000 Market Capitalization: $535.87M $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

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