Now that IPM has released their numbers, I wish that I had followed my gut reaction during the summer. These results confirm that the company "twisted the truth" for months regarding what they had in BRX.
Having followed the IPM story as a shareholder for nearly 2 years, I'm
now convinced that their were several tell-tale signs of a disappointment.
Here is a brief list of facts that you should consider before leveraging the ranch to take part in this "unbelievable buying opportunity":
1. Missed deadlines for results.
2. The involvement of BD, Lycopodium, and others whom have taken a greatly reduced role. (How many experts can the hire?)
3. Recent results are no better than a year-ago time frame, regardless of AGM promises or various press releases.
4. The "shady" nature of the purchase agreement for the BRX property
(How long is Phoenix International (original owner) going to accept interest payments (I'd guess these are phantom payments at this point), and if the property were so valuable, why would they
sell it?
5. My final reason is that the top management owns LESS THAN 500,000
SHARES OF THE COMPANY. 2 MEMBERS OF THE BOARD OWN NO STOCK, AND
ONE DIRECTOR OWNS 1,000 SHARES. ASK YOURSELF THIS, HAVE YOU EVER
HEARD SOMEONE SAY I'VE GOT ENOUGH MONEY?? IF YOU WERE LEE OR ALAN, WOULDN'T YOU BORROW EVER PENNY YOU COULD GET YOUR HANDS ON TO BUY MORE SHARES?? If this stock is a king maker, they would know it. Insider trading would not prohibit them from buying stock based upon public information (previously released new-fangled assay values) as long as they filed.
A few final thoughts-- this technology that they claim to have is obviously a ways off. They've been promising for quite some time now
with no verifiable results. How many experts can they hire that will tell them that their process won't/can't work (remember, these are supposedly the brightest people in mining...why wouldn't they be able to understand the process???) If the management is not willing to invest their hard earned money, with the considerably larger information base that they have, why should we? Don't blame the shorts...they were right all along.
No longer a believer...sorry to say,
East |
