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Gold/Mining/Energy : International Precious Metals (IPMCF)
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To: W.F. Schwertley who wrote (23236)10/25/1997 9:23:00 PM
From: Matt C. Austin  Read Replies (2) of 35569
 
WFS. Apparently you haven't done any DD at all on Naxos. The CEO is a gent named Jimmie John. He has no experience at all in the mining biz and got himself in a real bind with the ASE. Seems he sold Naxos stock an AVERAGE of 4 days a week for nearly 3 years. He had a unique way of raising money for the company. He would issue himself options at a really cheap price and then buy that stock from the company. Then he'd sell the stock for 10 times as much in the open market and pocket the difference -- repeat performance the next day. Little wonder he is keeping the company going. He has little incentive to spend money on anything other than what will push the stock price up. I believe that they have the goods on that CA property, but until you get rid of the CEO, you will never be part of a mining company.
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