Having started this thread as a place to share information about GE, it is obvious that the folks at Sun River have deliberately peddled their own story here. I for one am tired of the sly and coy posts from people unwilling to state their true identity. I also think those interested in SR should go to the SR thread and honestly discuss some of the issues listed below. Can you believe there are only 50 posts on the SR SI thread? I have recently completed some extensive DD involving Sun River. Below are facts that I hope gives everyone a clear picture of the type of people running the outfit.
In my opinion, honesty is the number one consideration when evaluating owners and managers of a particular investment opportunity. It is most important that the major shareholders (the securities laws call them "control persons"if they have more than 10% of the stock) are investigated because of the propensity of dishonest persons to place puppets into the roles of management while they conduct all of the business and decisions that will affect the company and its shareholders.
Some of Sun River's Conflicts
With these things in mind, let's take a look at the "new kid on the block,"
Sun River Mining, Inc. According to Sun River's offering circular dated May 20, 1997, Ronald Sparkman, Paul D. Enright and Mark Skow each own 22.2%, or 2,000,000 shares, of Sun River Mining. Randy (McCall?) Machol owns 17.77%, or 1,600,000 shares. With the exception of McCall/Machol, these are all former employees of Golden Eagle International, Inc. who resigned in July, 1996. Any
money coming into Sun River comes in via its recently filed 504 offering.
That means that 100% of the stock now trading in the market has been sold from the Sun River control persons. These control persons are also listed as consultants who pull down $50 per hour, except McCall/Machol, who makes $5,000 per month. As we all know, GE's management team is working for little or
nothing.
According to the records filed with the Colorado Secretary of State, Michael A. Littman, who was the attorney for Golden Eagle International, Inc.,incorporated Sun River on February 25, 1997. (Red Flag: Conflict of interest, taking into account the breach of non-disclosure/non-circumvent agreements by former GE employees and insiders.) The two officers in Sun River at the time of incorporation were Frank Barnes and Randy (McCall?) Machol, both listed at the same address as Michael Littman. (Red Flag: From what I learned from GE Frank Barnes had signed non-compete/non-circumvention and joint venture agreements with Golden Eagle in Bolivia in March 1996 - in
front of Ron Knittle, Terry Turner, Randy Wheat, Rene Velasquez and Oscar Morales. Oscar later became part of the Sun River Group, as did Ronald Sparkman - whose last act as president of GE prior to his resignation in July 1996 was to release Frank Barnes both from his non-compete agreement and his joint venture commitment with GE.) The Articles of Incorporation for Sun River Mining can be obtained from the Secretary of State in Denver, Colorado; their phone number is (303) 894-2251. You can also find out who the major shareholders of Sun River Mining are by going to the transfer agent and requesting a copy of the shareholders list, or you can check out the offering
circular dated May 20, 1997. According to the offering, the major
shareholders and control persons are Randy (McCall) Machol, Mark Skow, Paul D.Enright, and Ronald Sparkman.
Undisclosed Criminal Fraud Charges against Sun River's Control Persons May Violate U.S. Securities Laws [10(b)(5): "Duty to Disclose Material Facts"]
Okay, if anyone is interested, feel free to call the Burleigh County Clerk's office in Bismarck, North Dakota and ask for Criminal Actions. The number is (701) 222-6690. Refer to case #98-K-1430. You will find that Paul D. Enright, Ronald Sparkman and Mark Skow were all arrested on February 27, 1998. The charges? Two counts each of "Offering for sale or selling unregistered securities" and one count each of " Fraudulent practices in the offer or sale of unregistered securities" in relation to Sun River Mining. The date of the
offenses was August 1, 1996. (Which brings up another question: Why were Sun River's control persons selling securities in the company if it wasn't incorporated until February 1997?) The case is set for trial before a 12-person jury on February 2, 1999. For your further information, the D.A.'s name is Bruce Romanic (sp?); representing the defendants is Kent Morrow (of Bismarck). There is no pending settlement that appears on the records of the County Clerk's office.
Undisclosed NASD Sanctions Against All of Sun River's Control Persons May Violate U.S. Securities Laws [10(b)(5): "Duty to Disclose Material Facts"]
According to NASD archives, Paul D. Enright held a Series 7 broker's license while working for R.B. Merrick in Denver, and was sanctioned by the NASD for making unauthorized trades in the market. His license was revoked. This can be confirmed with the NASD at the NASD hot line. The number is (800)289-9999.
According to several other sources at R.B. Merrick, where Ronald Sparkman worked as a broker with Paul D. Enright, Ronald's decision to terminate his employment was not his own. They believed that he had conducted some very questionable trades contrary to the rules outlined by the NASD. This can be confirmed with the NASD at the NASD hot line. The number is (800) 289-9999.
The NASD reports that Mark Skow had his broker's license revoked for making unauthorized trades. Mark worked for Simmons & Bishop in Scottsdale, Arizona.
This can be confirmed with the NASD at the NASD hot line. The number is (800)289-9999.
Sun River's Other Officers and Directors Have Not Made Adequate Disclosures,Either Oscar E. Morales, who is listed in Sun River's disclosure as an officer, lists
his educational accomplishments as The George Washington University - but ifyou look closely, he just says that he attended The George Washington University. What he fails to report is that while he claims he attended the school for six years, he was actually only enrolled from May 1990 to May 1992, and he earned only 15 credit hours. The George Washington University says that he dropped out of all of his last semester's classes and that he was a non-degree student. In other words, he could go to various seminars but he
wasn't interested in going to classes. You can call The George Washington University at (202) 994-1000.
Also of interest, Randy Machol should explain why his name is spelled "McCall" in the Sun River Offering Circular dated May 20, 1997, but spelled "Machol" in the Articles of Incorporation for Sun River Mining, Inc. as filed with the Colorado Secretary of State's office? Now, to his credit, Randy did disclose his consent decree with the Federal Trade Commission wherein he was charged with, "deceptive trade practices." Randy was required to pay a $US50,000 fine
to the FTC and promise that he would not engage in the credit card industry or the 800-number credit-related services business. Randy then declared bankruptcy and discharged all of his debt to creditors.
Unquestionably, Gaston Fernandez, President of Aluvion (the company that Sun River has contracted with for the dredge operation), has very high credentials as a dredging engineer. He's done it for over 35 years. The technology that he has used works very well…in Brazil. But Brazil does not have coarse gravels like they do in Bolivia. His technology works wonderfully in the fine gravels of Brazil. However, the technology was studied for the Andes foothills (i.e., Bolivia) and was rejected by a number of engineering firms.
It was determined that it would not be successful without a bucket-ladder dredge.
Fernandez already tested the dredge operations for over six months in early to mid-1996. He couldn't pull out enough gold to pay expenses. Those results are attached to a report dated mid-1996 and are in the hands of other investors - investors who lost money and discovered, along with Gaston, that the technology did not work in the Tipuani Basin's coarse boulder gravel.
Why Wasn't Cam Birge (CIMA) Invited to Bolivia for GE?
Could be his involvement with SR.
My understanding is that John Carparelli, a stockbroker for Gilford Securities, has been invited by TT to take a trip to Bolivia as soon as it can be arranged.
Are Insiders Hyping Sun River and Manipulating the Market?
Half of the people on the threads are clearly hyping Sun River. They should
identify themselves as company-affiliated or family. (You go first,
"Proactive" - you've got the most hype. And how about you, "Paul D."? Care to give us the rest of your name??? I get a kick out of it when Proactive jumps on the thread and says, "Can anyone tell me what is going on with Sun River?"
Why don't you go home and ask your brother, Paul Enright? The rest of you might also want to come out of hiding.) Incidentally, Colleen, contrary to what they told you, currently none of the principals of Sun River are on record with American Securities Transfer as shareholders of GE.
The Bottom Line
I think it's time SR pack their bags and get focused on their own thread. I know its dead (2 posts in the last 5 days!), but interested GE investors can check in over there for SR updates. Having been following the GE saga for years now I really felt it necessary these facts come out. And, like all of the intense DD that GE has withstood during the past six months I think some of you need to re-think the source of this pro-SR - anti-GE garbage on here.
The phone numbers are there, call them for yourself.
I wait with anticipation the SR spin doctors response, surely it will be quick but will it be the truth?
Doug |
