Thanks for the information. I guess I looked at Eger on the 4th. and didn't see anything new. If indeed Martucci lent the company $1,000,000 where did it go. I don't know of any significant activity at any of the mill sites or mine of recent. The money surely didn't go to any of the parties that the company had obligations under contracts or agreements - did it? The fact that G & M is now blamed for the dismise of the company is nothing new. If you followed the inner workings of the company and all of it's "affilliates" (Island, Zeus, new Com. Inc, Newmineco, etc.) they are all related to the G&M people one way or another. (Including the circumstances behind how they took over Franklin in the first place.) And anyone that had the misfortune to work with or trust them in working contracts found themselves at the wrong end of a "sour" deal and legal actions against the company have occured and are still occurring related to those dealings. That is what the stock holders should be reacting to. What look so "positive" on the surface, turned quickly to a negative when obligations on the companies part never were followed through. It was as if the company's management had an alternative motive to either take over other companies or try to outlast other companies so that obligations never needed to be followed through on. If they got caught or the court ruled against them, they settled by "giving stock away". I agree with your statement that Franklin was a "shell" and it was manipulated for the purpose of trying to "become a mining company" (though they didn't have any expertise in that arena - and now at last admitted to, in the last annual report), unfortunately at the expense of anyone trying to deal with it! The unfortunately point here, is that the company had an opportunity to turn itself around with the alignment with a working mining company back in 1995-1996, but that turned sour with the manipulation of circumstances by the "Franklin's management", and everything was lost related to that affiliation. If that contractual affiliation would have progress to the point of anticipation, we wouldn't be talking about a reverse split of a penny stock right now, we would be discussing how to distribute our dividends in a successful "above $1 stock" company. The only discussion on splitting the stock would be 2:1, 3:1, etc.
Maybe Martucci will turn the company around, but I don't think it will be with what is out there at the Franklin mine and mill unless the company tries to sell that off (or retries to work out a deal with a true mining company that has other assets than what is reported at the Franklin mine) and goes down another business pathway.
Let us know how the meeting goes. |
