Stuckholders. Good one.
When your not posting feeling enraged you're a witty poster and an enjoyable read. It's clear you injured and I feel for you and anyone else in that boat. I keep in mind that the whole buzz was generated before he even came on board. He inherited those expectations and it seems to me that he personally accepted them.
I don't see why you keep charging him with being a crook and with making out like a crook. He is not an owner of the company, he is an employee who serves at the pleasure of the board. The guy is holding a million shares that are worth less than his annual salary. That is not making out very well.
If I am remembering correctly; He has taken a cut in pay since he started. Currently, he makes $360,000 as a salary, $0 as a bonus, $0 in stock options, a million shares was awarded as stock and $0 came from other types of compensation. This is from the 2015 proxy statements. The average CEO-to-worker pay ratio stands at about 70-to-1 whereas his ratio is about three, maybe four, to one. So he is not seeing much in the way of compensation unless and until the company starts making money.
Like yourself; I've been here since GSPG. R/S took me to 5,000 shares and I was content as long as the PPS was $1.65 or more. Got a bunch the last time it was down in this neighborhood and generally made buys under 1.65 since that was the cost to preferred shareholders. Made another good sized buy when last it was in the 1.65 neighborhood. Then got to watch it sink and sink and sink. Not looking to increase any more even though the price is under .30.
Anything I put in here was casino money so I don't feel any grief over the current PPS. If I were to lose it all, it wouldn't change my retirement or lifestyle. For me this has been a fun journey watching the story unfold.
I really don't fault the CEO. Well not very much, I hated seeing the repeated issues of stock, to pay for production, when the leach pads weren't generating enough to handle all costs. I am not expecting a company to discuss every step of the operation but I do feel that he sprang things on us too often.
He came into this company when it was already well on the way to being consolidated and the mission he was given was to bring it into production. He did that. Along the way, he learned about the mining side of the industry.
It appears to me that he straightened out certain problems in the books as he got to know the details of the operation. He was handed a company that already believed that it had profitable ore to mine and production proved that was wrong. Instead of driving it into the ground by continuing to try and force it to produce what wasn't there. He regrouped, stopped throwing money into a failed production and instead focused on the U/G which his experts insist is very rich. Without enough cash to keep spending on exploration; he made a deal with AMT for exploration to be paid for with shares. That is an impressive maneuver showing flexibility and creativity. It also showed what AMT thinks about the potential in the U/G. Now he's got folks paying their grant money to produce our gold and that's pretty impressive.
If I were in a situation where I expected a return in the near future; then I would be as upset as you are. As it is, I'm watching it unfold with curiosity and enjoying the journey.
