i just posted this on the F&N. i repost it here for your information. sincerely cheapjim
From Colonel Jim Krilich, AUS Retired
Dear Mr Iceman:
It looks like everyone is having a good time trying to trash me.. and maybe i deserve it.
yesterday i bought another 150,000 shares in the late afternoon of umng.
i like the nickname crazyjim because i do put my money on high risk mining investments...and in the Toronto mining world, if the CEOs know you have a bit of gambling instinct in you they usually are more open to telling you want is going on. The Toronto crowd does not like crybabies.
i adopted the nickname cheapjim so the umng stock holders know that i am intersted in keeping expenses down, and have no desire to spend hard earned stockholder's investment money on anything unless it is necessary.
when i explain the loss i have in owning this stock todate, i admit i look at the highest price that umng got to...and then i look at the huge drop since then.
last week my total share count as of now is 2,118,000 shares at an average cost of .155 for a cost of 328,500 with a current market value of 103,806 for a LOSS OF 224,703. BUT i do remember the .40 cent price of the stock and so I look at my loss at the .40 cent level.
Those numbers do not count the 150,000 shares i bought yesterday near the close.
My shares are devided -- about 1.4 million shares are in cash on line accounts - (no margin) with scottrade and schwab. and the other 900,000 shares are in ira accounts.
so in my mind...i see my loss being today valued at 2,250,000 shares at 40 cents = $890,000 highest value. less today's market value of $103,806... about 800,000 dollars. so my cost basis to reach is 40 cents a share. If my numbers are off a little, i know a few of you bean counters will havea hay day..but in summary, i see $800,000 loss and it does not make me happy.
how did i get on the board?
i made my presence known to Mr. John Micheals by faxing him copies of my and my wife's schwab and scotrade stock accounts when I had bought about one million shares of glxi. he started answering the phone aftrer he got my fax. Since then I have built my position larger and larger and after I approached two million shares...John invited me to send him my resume.
i have no secret deal to be paid in some underhanded way for accepting this office. i accepted the opportunity to be on the board because I am worried about my investment and i want to turn my investment into a profitable outcome. where i come from, if you don't like what is happening, get involved to make it better.
by the way - i got into buying glxi with the hot message traffic on ihub from psych's and klons's encouraging comments earlier this year.
i think uranium is the place to be. and i see this stock as a cheap price and hope my decision to throw half of my savings into this stock will be a smart gamble.
in the end if i deserve a reward for taking on this challange, i would like to defer any payment until i reach the age of 65. i am now 62. I do not need income to live on; i do not want to increase the burn rate of the cost of running this company.
if you guys are so much against me for being on the board, i am happy to step down when someone better qualified is willing to step up.
i can walk away from this, take the loss, and in the end the only loser will be the us taxpayer as i balance this loss with my profits.
if the stock goes up high, i will want to sell some of my shares to create a nice pay day. i want to take my wife - who is also a retired colonel, who suffers from agent orange lymphoma - on a cruise along the Adriadic Sea this summer. and I would like to add on to my beach home. So i might sell some of her ira held shares because she is 72 and we do need to withdraw some money from her ira this year.
if they ever get around to posting my complete resume on the umining website. well, you will just have to read it and decide for yourself.
i know very little about what is going on, and i trying to get a board of director's meeting set up and i am waiting to hear from the other board members when that date will be.
i learned along time ago, to carefully listen to the people bringing bad news...because usually they are right. so i do want you to know i will read the comments here. i do want a ethical, logical and accountable watch.
i do hope that we will all have a profitable outcome by investing in umining.
i believe mr john micheal is very brilliant and putting together a great plan. but like all of you, i do not have facts of the plan, but i and new new board members will soon know in detail what our plans our.
i welcome just and accurate criticism. frankly - IT GIVES ME THE VITAL INFO i need on what to look for and what to find out and what to resolve at the board of directors meeting.
i do seek your support and i do wish you the very best.
about the issue of pay... i would like you posters to set up the criteria and the basis of what would be just reward for me serving as the chairman of the board....should our umng company become very successful....? again i do not want any salary, only basic travel expenses; if you tell me to drop dead and eat the bullet like everyone else - well at least i would get a response.
Most Sincerely and Respectfully,
James H Krilich, Colonel AUS Retired.
