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Gold/Mining/Energy : Naxos Resources (NAXOF)
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To: Jerry in Omaha who wrote (8888)2/7/1998 7:51:00 AM
From: Kurt R.  Read Replies (3) of 20681
 
Jerard:

Now that Rich spilled the beans on how Jimmy John handled the J/L issue, I feel tempted to post my own opinion on this. You posted the following statement:

>> Mr. John does not have to know or understand the procedure until after Naxos has performed sufficient due diligence.<<

Really?

How much basic, fundamental due diligence did Naxos perform on the J/L process before entering into a preliminary agreement with J/L and announcing to the world that they found the proverbial needle in the hay stack? For example, did they even attempt to do a world wide patent and technology search? Did Jimmy John even bother to look up a basic text book on mineral processing? (And if he did, could he understand it?)

Please, Jerard, do not confuse due diligence with doing "R&D" on technology that is already known, but Naxos failed to look for it. In my view, management has seriously violated their fiduciary duties by entering into an agreement with J/L without doing basic due diligence on the J/L process.

This snafu wasted a lot of time and money and it is just another incident that proves my point that I made last year before the AGM: WE NEED COMPETENT PEOPLE IN CHARGE AT THE VERY TOP!!! Hiring some consultants doesn't do the company any good if the CEO and President makes bad, uninformed decisions.

Kurt
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