Crystallex (KRY) Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Crystallex (KRY)

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Moot who wrote (8065)	4/10/1998 9:26:00 PM
From: E. Charters	Read Replies (2) of 10836

The key isue that spooked the shareholders and was resolved by Herrera in one of his departing statements as chairman of the mining commission is that Acosta was seen by many shareholders, but not a huge number, as an official organ of the government. He seemed to have the ring of authority when he proclaimed that the whole thing was a sham. Many did not know that this focus of the media on him at that time belied that he had been stumping all over North America for the last year saying exactly the same thing while being ignored for it. When he got media attention at he gold show he called himself the president of the mining commission. He is a head of a subcommittee as a sitting member of the congress of Venezuela. Herrera quickly held a press conference and corrected what he knew the misapprehension of the investors must have been. The following week there were elections held and Herrera was replaced as chairman. Acosta took further advantage of this to say that Crystallex had misrepresented the fact of his chairmancy. Well he shot himself in the foot with that one as it was Reuters not Crystallex who quoted Herrera's statements. When it became apparent that Acosta was simply another representative on a NDP like crusade and a very suspect one at that, the stock price stabilized. He has had his day in the sun. But the disastrous fall in the stock price caused many brokerages to call margin and now the stock is a cash stock at most brokerages. This of course precipitated further necessary selling and a tumble in the stock price and since the buying is no longer possible in many accounts it has trouble getting back up there. I doubt that anyone with money to buy who is long on Crystallex decried the fall in price as it no doubt enabled them to pick up more. The volume of the drop did not spell actual disaster, as in any particular day it never exceeded 4% of the total float. If there is a disastrous run in a stock almost 20% of the float will change hands. It seemed suspicious that the former Eurus people who are big KRY shareholders chimed in at the same time with a bit of a shady story about misrepresentation of the Carabobo Concession. Acosta comes from the province where the Carabobo concession is located and from the first time they negotiated the acquisition of that claim he has bitterly opposed in Venezuela "those gringoes taking control of it". A smelly conspiracy all the way around. It is obvious that the whole thing was a vicious and well orchestrated short attack as Acosta knows he has no hope of enlisting people to his cause in Venezuela, with the present administration in power. EC<:-}

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next