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Gold/Mining/Energy : Maxam Gold Corp. OBB:MXAM
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To: Richard Mazzarella who wrote (5568)9/1/1998 9:16:00 PM
From: Larry Brubaker  Read Replies (1) of 11603
 
Richard: I received a proxy today as I was a shareholder on June 30.

I've got to agree with Clark. The vote is a sham. Even if the results of the vote were not a foregone conclusion (i.e. whatever Runyon wants), what is the point in voting?

The description of the use of the preferred shares tells you nothing. Nothing about conversion rights, dividends, or other rights and priveleges of the shares.

There is no description of the nature of the poison pill, only a set of options of what it could be in the most broad terms.

So, by voting yes to these proposals, you are giving carte blanche to the management to do whatever they want including floorless conversion of the preferred shares, management golden parachutes, etc., etc. If this were a real company, this proxy would be a joke.

I am not going to bother to take the time to return my proxy. There is no point in it.
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