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Gold/Mining/Energy : Naxos Resources (NAXOF)
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To: Henry Volquardsen who wrote (13864)6/25/1998 6:43:00 AM
From: Kurt R.  Read Replies (1) of 20681
 
Henry:

"But hindsight is 20-20."

Yes, Henry HINDSIGHT is 20-20. But I believe in the case of the J/L deal, some people exhibited an amazing degree of foresight. For example, Jay Taylor recommended the sale of Naxos on November 15, 1997. Here is an excerpt of that weekly hotline message: (I posted this very same excerpt on this thread last November)

The "straw that broke the camel's back" so far as your editor was concerned was the provision in a recent agreement with Johnson-Lett & Company in which the President of Naxos will be granted irrevocable proxy to vote upward to 10 million shares of stock to be issued to Johnson-Lett as part of the agreement. President John's ability to vote this block of shares virtually ensures he will retain control of this company for the foreseeable future. With the current managerial structure remaining in place, it is hard to see how past behavior will change. Had Naxos welcomed into its senior management experienced mining personnel, your editor would most likely have "stayed the course" with Naxos. But the consolidation of power within this company ensures that experienced mining people will not be called into its inner sanctum for the foreseeable future. That's unfortunate because after all, mines are made, not found. In my opinion, the current management team does not have a clue nor the inclination to hire those that do have a clue about building a mine."

Speaking of hindsight, you might also want to revisit some posts regarding questions about the J/L deal and technology:

1-28-98: Message 3278314
2-7-98: Message 3366728
3-15-98: Message 3715954

Kurt
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