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

To: knight who wrote (14748)	7/25/1998 3:30:00 PM
From: Jerry in Omaha	Read Replies (2) \| Respond to of 20681

Mr. knight, <<Mr Pearson, was there any discussion on the ASE hearings scheduled for this Sept.>> Yes, there was. We were told about the procedure. This September Naxos will present its defense. The first round was for the prosecution the second round will be for the defense. There was no speculation I heard with respect to the outcome. There is a heightened sense of concern on the part of both the new board and management concerning the delicate situation with regards not only to the ASC but also the SEC. The proxy struggle, as I have described it, has sensitized management to the squashed-like-a-fly reality any hint of impropriety could effect. Extreme caution is the watchword. The letter from Ledoux was little comfort and John Norton emphasized most clearly that we have no real "facts" and he, for one, is pretty cold blooded with respect to scientifically provable fact. With respect to the issues of risk that the people running Naxos face there are two; monetary risk and legal risk. It has been noted that Mr. Kemp and Mr. Gordon have little and no shares in the company intending to convey an impression that they both operate under diminished risk. That would have to be a judgement call. Would any one of you prefer to lose your money or your liberty? What do you think is the risk of least consequence? The argument that monetary involvement would enhance management performance works two ways in the minds of Mr. Gordon and Kemp. They are comfortable with the fact that monetary concerns are not of such a high priority with them so as to confuse their thinking and engage intense emotions. Lack of fiscal fear clarifies capacity, they would argue. I would be happy to answer any more questions from the thread. Jerard P