Mr. Khader,
There is a very large fundamental difference between the dealings of Mr. Kemp and Mr. Walters. As Knight previously mentioned, it is not at all uncommon for Jr. mining co's (or any small company for that matter)
to have it's lawyer on the board. That is something that is totally above board and "in the light of day" so to speak.
According to David Snow, Matt's father bought a significant piece of the J/L process.I have heard that Matt at one time was negotiating for Naxos with J/L regarding the process. If so, who was he truly representing? Us as shareholders? Or his father as a shareholder of J/L? If ANYONE can not see the fundamental difference and the direct lack of fiduciary responsibility in that situation they are blind.
One is a normal course of business operations and the other ......
I'm sure that you understand.
As far as Fred is concerned, I have never met him so it is nothing personal. I am not a strong supporter of his. It is my contention that naxos is moving forward now better than it ever has, that is my litmus test. We are getting far more accomplished, in a far more professional manner than ever before. From my limited viewpoint, I can only attribute it to current mgmt. As far as the board, I have no basis with which to judge them currently, only that they took the brave step of enacting the current changes which seem to be working. Some may argue that this should have happened long ago. That may be true. I only know that it has happened now, and seems to be the right thing.
I have only one basis with which to judge Fred. In one of his weekly letters to investors,(which was not weekly either, if you remember) he claimed that he had three charges to accomplish. Resolution of differences with Canadian authorities, electronic trading, a financing deal. He accomplished none of those. Naxos credibility remained in the hopper, and we made little forward progress in hindsight.That is how I see it. I may be wrong
Now for Mr. Yang's comment, Fred is not the largest sharholder of naxos. He is not the second largest. the size of your holdings does not the the correct man make. As far as options go, I seem to remember Fred being well recompensed in that regard as soon as he got in charge. I dont remember exactly how much, but I seem to remeber it was significant. We are currently looking for a leader to fill the position of permanent CEO. My hope is that it is someone with both managerial and mining experience. Someones who's very presence will be able to give us the credibility that we have been lacking. that person is not Fred or Jimmy.
.That is only my opinion and counts for no more than anyone elses. I would like very much to drop the subject of Fred.
It appears that he won't be our interim or future leader. I have no vendetta against him, so I would like to be able to stop speaking against him as that brings me no joy.
Having spoken my mind, I wont address the subject further as I dont see how it does anyone any good. Including Fred, myself, and Naxos.
mark |
