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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: RRG who wrote (14626)	7/22/1998 4:19:00 PM
From: kenneth w. calligar	Read Replies (2) of 20681

Bob: I agree with your assessment regarding the trading in Naxos. I think that the recent slide in price (followed by last week's announcement) and today's sudden spasm upward (followed so far by rumors that Ledoux is standing by their numbers) are clear evidence of insider trading. This is still a felony and should not be dismissed if the stock rebounds. I have my theories about who has engineered some of this but it would be unfair to speculate. N.B. If anyone has not read the annual report page 27 item #6 I suggest you do so. It seems that ONE of the P.P. holders has just reaped a substantial reward due to the timely decline in the share price. JMHO

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