To: Henry Volquardsen who wrote (16198 ) 9/11/1998 7:09:00 AM From: Millracer Read Replies (1) | Respond to
I do not post very often but I have lurked this thread continuously and have followed Naxos for quite a while. I am still long, only because I don't have the guts to turn a paper loss into a real loss and have some desperate hope that this stock can get back just a little of its value and make my loss just a bit less. I need to comment now because of the way this thread has turned around since the Ledoux debacle. I hate to see the in-fighting simply because of the loss of some money. Everyone always said that they knew this was a very risky investment but is has become clear that only some were telling the truth. The thing that bothers me the most is that old management (Jimmy et als), while not being pillars of honesty, are being blamed for hyping things to increase value and new management (Sid et als), while not being the best managers, are being blamed for the loss of value. Even if there is some truth to both positions, neither is fully accurate unless someone can prove that the press releases contained untruths. Only the press releases can be blamed on the company--none of the rumor that was spread across this thread. It seems to me that Ledoux is solely and completely responsible for the loss of value (even if that value was phony). I know that I would have sold this stock at 4 or 5, let alone 10, if I did not believe,in complete reliance upon a world renowed referee lab, that there was gold in that dirt. When those certifications were issued, my risk factor went way down--from thinking this was nothing more than a scam to thinking that the risk involved nothing more than being able to economically extract the gold. When Ledoux backed off, albeit only from the SFA numbers, it was too late. Now they are still standing by the JL numbers and we are hoping for Brian Russell. I fear it will not be long before that hope is also dashed. But I still hang in there and take my lumps like a man. I wish others would do the same.
