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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: jlallen who wrote (15171)	8/3/1998 7:02:00 PM
From: Henry Volquardsen	Read Replies (1) of 20681

John, That in fact is probably one of the areas where we do disagree but it is an honest disagreement. I understand how you could feel that With Ledoux's certifications in hand on the new holes, JJ out and leaks all but plugged I think we had a real shot. At the time I felt we had a real shot as well. The company was actively talking to two professionals to join the board, Goth being one of them, and it was hoped those two gentlemen would use their contacts to find a CEO. So based on my discussions with Russ at the time it appeared the strategy was to get these men on board first and let them spearhead the search. Well now we know they were never able to get the second member signed and couldn't hold onto Goth. Could they have employed a strategy more focused on finding a CEO first? Yes but with full recognition of the old bromide about hindsight being 20/20 the failure to lock up the board probably tells us something about how difficult that task would be. The Leodux certification of a few holes probably impressed people who actually know something about mining a lot less than it impressed you and me. You think that management misfired because of incompetence and slf interest (I am putting words in your mouth so feel free to correct the record). I think they misfired because the probability was low and they didn't beat the odds. The unfortunate reality is it didn't get done. You blame management and I understand the honesty of your reasoning. I don't blame management and I hope you understand my reasoning. We'll just have to have an honest disagreement and, hopefuly, refrain from beating each other up about it. FWIW I am not sure Ledoux is entirely to blame either. It remains to be seen. It could perhaps have been handled better in the days and weeks leading up to Ledoux's statement to Naxos. I don't have enough info, and doubt I ever will, to figure out who screwed this particular pooch. But there is one thing I do feel strongly. Once management had the statement from Ledoux they had to release that information quickly. It was material information and I believe they had a legal opinion saying they had to release the info. I suspect from some of your previous comments you may disagree. Unnecessary risk, the appearance of self dealing, leaks, etc. are the types of things which piss me off. I agree strongly. To the extent management may be guilty I am pissed off as well. But along this line I strongly feel there is even more evidence against some of the other factions in this disgusting soap opera. I won't dredge up all the specifics but we have discussed Matt Walters and his J/L connection in the past and I have posted my concerns about Fred. There are no shortage of players who should be making both of us mad. Henry

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