Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Naxos Resources (NAXOF) -- Ignore unavailable to you. Want to Upgrade?

To: mark silvers who wrote (14747)	7/25/1998 3:41:00 PM
From: Lionel Hungar	Respond to of 20681

The timing of this latest fiasco is very interesting. A power struggle develops. Ambiguous bad news crashes the stock a short time before the vote. Amazingly, the current 'management' wins. Looks like third world banana republic democracy to me. Mad Jimmy is quite the operator. Lionel Hungar

To: mark silvers who wrote (14747)	7/25/1998 4:17:00 PM
From: jlallen	Read Replies (3) \| Respond to of 20681

Mark: Since you wish to refute, answer the question. How long does it take to do an SFA? Hours? Days? Minutes? If its less than a week we should have had results by the AGM. If Ledoux has written a letter standing behind the results why is this only a rumor? What are we waiting for exactly? Mark, you know as well as I that unexercised proxies default to the company. Many shareholders I beleive are uninformed and fail to execute the proxies. BTW what's the number of shares which voted against management. Is it statistically significant? Compensation tied to stock performance works. End of story. What do I care if the CEO makes a good living as long as I'm benefitted as shareholder? I don't know if anyone has tried or not. I do not believe Sid was in Teaneck, however if he was I'd be delighted to hear it. I strongly doubt it. That would take "cojones". JLA

To: mark silvers who wrote (14747)	7/25/1998 5:30:00 PM
From: NXRTemp	Read Replies (1) \| Respond to of 20681

20M shares did not agree with Sid. JJ threw his votes that way (Sid and Ian were always his guaranteed votes, read the corp minutes), and most of the rest comes from stockholders who defaulted to the management proxy. It's always hard to beat an incumbent for that reason. The lower price on Friday is perfect for the new directors and employee options, the majority of which will and always have gone to one person. Fred has FAR more actual money invested in the company. Go back to Nov.1990 and track insider grants and trading -- you too smart to have missed how the pyramid game works for founders. If I can sell eg 100g shs between $1.50 and $1 (see last week), and then pick up a 100g shs option at ($1 - 25%), I "create" a $25000 to $75000 gain in a few days with no real dilution of my holdings, only yours. Now look at the real share and price drop numbers involved, and you will understand how big the game can be. If you want to know the best stock price you'll see prior to the Ledoux announcement, figure the latest (as yet unreported) to-be-granted options dilution %, apply that to the current $1, and you'll have the market's short term high side; any selling from disgusted major holders will lower that price further. If you think there won't be trading long before YOU find out about Ledoux's response, then you should get back on the boat you just arrived on. The stuff's in the ground. Good management is needed, a major opportunity was lost. Now we need to get lucky, it could have been done with management. This of course is all just IMHO. With good management (a pooled management "selling limit" agreement, performance criteria and perhaps the inevitable relocation of the corp to the US) we wouldn't be having this discussion. Good luck to all, patience will now be a difficult virtue to maintain, greed maintains itself. Both keep you in a stock.