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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: Neal davidson who wrote (14514)	7/20/1998 6:40:00 PM
From: sh	Read Replies (3) of 20681

Neal D., Pissed off or not, the blame for the Ledoux fiasco rests squarely at the footsteps of management. They were in charge of everything and should have been on top of everything. When I said who could have imagined Ledoux's action, that obviously was not intended for management. Management was supposed to be working closely with Ledoux. I find it unbelievable that management did not see something like this coming from Ledoux (assuming "this" is the backtracking on assays that everyone has assumed it is). I doubt Ledoux operates in a vacuum. Unless you believe in the conspiracy theories that have been thrown about, Ledoux must have told management of what was coming. If we had a strong management team, I don't believe Ledoux ever would have backtracked like it may have done. While it came as a shock to me and most other shareholders, I don't buy into the argument that this is something that was totally out of management's control. In terms of my conclusions, they are based on logic, not any insider information. It is management that needs to do the explaining here. All we get is a lame and ambiguous release which has resulted in the foreseeable sell-off in the stock. Much of the sell-off is probably from panicking small investors. If management claims to have been surprised by what transpired, the least they could have done is hold off on releasing the information until they figured out what went wrong. I presume one of the problems in doing this was that the information was leaked and certain people began trading on it. It may be that management has been caught up in a power struggle that has left them so weak that they cann't even stay on top of things. This is something inexcusable from people who are supposed to be running this company competently on a day-to-day basis. I would love for the company to explain the situation unambiguously in a public release. They owe us as much, especially after last week's vague release. sh

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