Update from Stockett
by: lstockett (51/M/Las Vegas, NV) 16592 of 16594
I have asked Jeff Boots and Ramsey Pollard to correct the communication which has been released stating that the mines will be in production in 30 days. We will be conducting limited testing and core drilling to determine the feasibility of conducting production. I do not want to give the false impression that we are going to be producing anything in the near future. We have mine safety improvements which must be made and updates to our operating plans that must be submitted before we conduct any mining activities.
Also, I am concerned that shareholders still believe that the reverse split is somehow harming the value of their shares. This could not be further from the truth. We have worked very hard for several months to bring new resources and value to Brush Creek. As I stated in my conference call in January, the reverse split recognizes the value of the Brush Creek Assets relative to the value of the new cash and assets being invested. The fact that shareholders will have fewer shares of a more valuable stock that can be relisted on Nasdaq is a positive event. The losses that occurred in Brush Creek stock after previous reverse splits had little to do with the reverse splits. It had to do with selling new stock at prices lower than the market in private placements, Reg-S and s-8 offerings. It had even more to do with the fact that no revenue was generated. Our new plan of acquisitions has everything to do with generating revenue and earnings. Any change in value of the company will have to do with the value of the assets and revenue generated by mining these assets. Please stop focusing on reverse splits and focus on supporting new management to build a company that is focused on mining. Shareholder support for people who are putting their money where their mouth is should speak a lot louder than the dissenters that somehow think we are the only ones that will benefit from our efforts. Every shareholder benefits from the company staying in business and raising new money and conducting mergers and acquisitions. The stock has never been as low as it was the day I took office. Anyone who thinks the stock is worth less because of the reverse split should buy more and lower their average cost. With a lower float, the stock will increase signficantly once the acquisitions, sales, and earnings are generated.
I have not proposed nor do I expect to receive any shares for the stock reaching $5 because of a reverse stock split. Based on the number of people who still seem to believe that the new management should pay for all of the problems of the stock in the past, I am not so sure I want to be a Brush Creek Shareholder. I recently received a rediculous treat of a lawsuit from David Mercereau and other shareholders who seem to think they are entitled to over $3 million compensation because they were not able to sell the $.06 and $.07 stock they purchased for $2 when it reached a high price last year. If this threat turns into a law suit, I plan to withdraw my offer for U.S. Cement to become part of Brush Creek and to resign from the company. It is simply not worth it to assist shareholders who have so little appreciation for the new value being added to the company. I sincerely hope that those of you who recognize that no one is going to pay $3 million to past shareholders because the company was unable to register their shares in the time frame they predicted. Hopefully, those of you who want to see my continued participation, will exert a little influence on those of you who feel they have been unfairly treated by the company in the past. If not, you can elect David Mercerau Chairman and see how fast he fucks you.
Thanks for all the good comments. I really do appreciate the support I have from the rest of you loyal shareholders.
Sincerely,
Larry Stockett
p.s. this is just my personal feelings on the topics.
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