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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: Henry Volquardsen who wrote (18835)	4/29/1999 8:34:00 AM
From: jlallen	Read Replies (1) of 20681

Henry: Fred is gone and no longer able to defend his position. Sometimes even reasonable people with the best of intentions can draw the wrong conclusion. I think this was the case with Fred. He personally believed in J/L and thought it was the best thing for the shareholders. I don't believe he had a financial interest in J/L except to the extent that if successful, share prices would be increased and he owned a lot of shares. I also know that in general, anything JJ promoted, Fred was against. They didn't ever really see eye to eye on much. I don't think Fred much cared for Ledoux (which in hindsight doesn't look like such a bad call). I can't speak to Fr. Gregory's motivations. I doubt they are "evil." After all, he is probably not qualified to run a junior mining co. as neither you or I would be. He may be misguided, he may be misinformed. He's probably never waged a proxy fight before. There's always AT LEAST two sides to every story (depending on how many lawyers are involved <g>). Perhaps it is best to have both viewpoints on the Board. Who can say for certain at the present? Never a dull moment with this company. JLA

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