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It seems to be working for me now. Some boards ,all my old posts are gone .
Our share structure and our assets give us an advantage over some others but we have to convince the all-star Directors that they need to activate the M&A. process . These guys rarely do anything that might disrupt their income
Atna Management already differing salaries . Directors only taking shares. Closing one of their mines.
Nobody has to panic,they just need to do their jobs and everything could turn out very well here when silver goes back to 30 .I'm anxious to see what these guys are planning .Hope they're doing something soon.
All in Costs are about 22.00,so at 19 we lose unless of course management cuts back on salaries.
This is exactly why merger becomes so important. A merger with Atna ,Elgin or Claude would of course cause our share structure to grow but... it would signal a much larger,more prolific G&S producer . Cut costs everywhere ,"weather the storm" and take advantage of somebody worse off than you. These 3 gold companies have excellent assets and are selling much cheaper than us.
Remember our management had a much harder job becoming part of us than issuing shares to one of the companies I mentioned . 1 for 5 ,1 for 4 or 1 for 3. All ways we gain assets worth as much as our own,we gain cash from two and debt from two. With a bigger company ,a loan to carry us through would be easier.
Otherwise we just begin to bleed ,with ONLY a swift ,miraculous rebound in silver to save us from massive dilution. It's NOW or NEVER
Well said cork . It's truly amazing how insiders can get away with with what has happened here. Where's the journalists ? This is a storey and a half and what's worse is it is NOT over. These guys are doing NOTHING ! ,while opportunity knocks. Are they giving up ? What's next,a financing to pay salaries?
ATNA 12 cents ELGIN 22 cents Claude Resources 23 cents
Even with our pathetic 60 cents ,we can make some deals here. Each company has active gold mines and excellent development projects .
All this BOD's seems to do is protect the interest of insiders. If nothing happens in the next few months ,it could take years to get many long term shareholders back to even. We need some activity .We need to build a company into a mid tier G&S producer now,not when the prices come back.
Glad to see the companies executives are taking full advantage of the recent silver price . Where are the great deals this all-star BOD's was capable of ? Where's a good merger ? There are companies with fabulous assets in these dismal times that actually are worse off than USA. Hard to believe but true.
ATNA RESOURCES ELGIN MINING Excellent potential M&A
Of Course these directors are still trying to figure out what went wrong at Drumlummon. Maybe they ought to listen to their shareholders ?
Will they do something ?
I agree Harold. The deeper mancos level is what will make DEJOUR extremely popular for acquisition and it is entirely possible that the company sells off RC and Koko. We might see a one time dividend and use part of the return to exploit what's left. OR someone else will take the Rangely properties and Woodrush on a separate acquisition and Hodgkinson can retire ,which my understanding is, that is his likely preference.
The deeper "Montney and Doig" Canadian plays seem to be gathering some interest and Woodrush could surprise us all with a JV to go after that.
My understanding is a similar deal to the Koko 4 (williams fork) wells will begin on 1 HZ mancos well at Koko., in the 4rth quarter.The question might be that ,IF natural gas continues to gain investment popularity ,WPX,ENCANA,Williams or Barrett might step in before anymore is proven and producing at Kokopelli. Likely as majority owners.
It's hard to convince investors here that there IS value because every positive sign is usually coupled with something negative . IE; Our wells are successful but our income will be minimal. More debt,loans etc...
This is not self destructive ,instead I believe it is an obvious plan for management to win both ways ,in the here and now and the future. I'm OK with that in this instance, because I think the acquisition of several of DEJ's properties will happen .It's so obvious ! I tend to think it will be this year,but wouldn't be at all surprised if it follows your thinking of 2014. It depends on when this deep HZ well begins. If it blows everybody away in December ,I think that a major will move ,quickly to solidify majority rights of Kokopelli acreage owned by Dejour.
It's also entirely plausible they will not allow our success to happen with a HZ well because they are already convinced it will happen. They are after all inclined to acquire low risk properties,BEFORE they are initially exploited. An announcement to begin might be the spark..
I think share structure ,salaries , loans etc... are all unimportant in comparison to reserves. Look around at competitors . DEJ is not in it's own bad league. Companies have scrambled to survive and debt ,share structures have taken a beating including ours but in the end if the goods are brought in ,it should pay.
We should capture 50-60 cents soon without a consolidation. The equities natural gas market is becoming the talk of the resource industry . In a couple words ,natural gas is a comer because it is "practical" and "efficient"
You can sell at the first big rise up to 50-60 cents or wait for 1-150. I figure that will happen when one deep well is successful. It really doesn't matter who owns most of the production ,imo,at this point . This is a spec stock ,nothing more and the potential is great.
Having a balanced sheet simply means we stop bleeding and pay more attention to proving up reserves all over Colorado. We will be bought because we have the goods and natural gas equities are beginning to be of interest to big money on several fronts. Personally ,I think the company will be bought at the highest bidder in short order but ....no problem planning to be around longer.
We have proof of Kokopelli Williams Fork level,now we can focus on Kokopelli deeper. Potential of 27 HZ wells . Show 1 to be 25% as good as the huge WPX deep well and we hit 1 dollar at present share structure . Great speculation at this point ,imo.
The CEO has several million shares and insiders ownership has gone down by percentage because more shares have been issued ,not because of selling.
The company will likely have a small quarterly net income reported soon, but I would agree, some of us do believe the real prize is improving reserves and exploiting the natural gas bull market that's already begun.
I would tend to agree with you . Nothing important about Drumlummon has ever been properly reported,by anyone . No doubt that all the RX people including Blasutti knew and felt it more important to achieve their goal of becoming US Silver management ,than to disclose all the bad stuff related to Drumlummon.
Whether any laws were broken is unlikely (tough to prove), but maybe it gives shareholders now a good indication that this companies Directors and Management will never work on our behalf. Maybe the companies principals believe ,in light of the Drum Deception ,that we would never trust them ,therefore why bother trying to make us appreciate them. I'm sure they really could care less if old US Silver shareholders really want to stick around , or not.
I guess you're getting that off Stockhouse . Look at the date . I was just trying to show what many of us were thinking back then was spot on . I said Blasutti was sharp ,well.... sharp enough to beat Pridham and assoc. in the most one sided merger ...ever.Blasutti was not our CEO when I considered him sharp .At this point ,my jury is out on him ... Who are you over at stockhouse ?
In my opinion ,King World News is nothing more than a continuous commercial for self-interest under the Robin Hood masquerade . Sprott is no different than Goldman Sachs or JP Morgan ,other than they sell more interesting products, but... keep in mind they are at a whim, on both sides of any trade they care to be involved in .
They can make or break a company, short or long term, or use the scraps from a broken company to indulge themselves into assets or merge bad assets with good , in their own self interest ,sounding very familiar to our plight .
The smaller, the overall retail market ,the less chance retail has of ever finding anything that Sprott or it's peers are not already involved in ,if not at the surface ,down deep,out of sight.
The entire economic and political system uses retail support and a naive public to politically de-regulate under the guise called, "Free Enterprise" ,then ushers in it's own perverted form of capitalism whose first name is, "crony".All the "Talking Heads" participate in the deception.
What happened to US Silver is as much about politics and bureaucracy as it is about investing. Does thorough due diligence cover all this stuff ?
Not for an unpaid retail investor .
Basically ,rules and regulations seem to be present to supposedly appease the retail investors (so they invest), but after looking into how difficult it is to make them work for you ,you'll soon realize them to be useless,in most circumstances.
Ontario taxpayers pay over 100 people in the OSC to supposedly look out for improper conduct but in truth the only people that can use this commission seems to be the corporations .I feel they have some pretty easy guidelines and so long as the corp. follows those guidelines ,they only serve to validate themselves publicly through securities law procedure........ What can a Corp. do ? ... Just about anything, while on salary which your investment provides and there is not 1 thing you can do about it,other than hire a lawyer well versed in Corporate law.
Any pro that would look at that deal and call it fair is either totally incompetent or corrupt ,but what kills me is we paid a corp. to deceive ourselves . Isn't that a kick in the head ?
I was simply investing in a silver company,not trying to change the corporate world.
Cork,right you are ,but what you're describing use to be limited (usually) to micro's . USA's Galena is the second best primary silver mine in the US. Why as shareholders do we have to play these games ?
I'm doing a lot of comparisons and I've found some badly directed corporations in mining .(USA is not alone) Why these company exec's believe they can get away with this transfer of ownership is dumbfounding ,until results are posted for all the recent voting. Then it becomes obvious . They can and will get away with whatever they choose. They've put the screws to us last year ,why not again ? We (most of us ) keep voting for them to continue. IE; US Silver&Gold . Would it really have been difficult to vote WITHHOLD ? Do the retail shareholders think for some reason ,the company would become less valuable ?
I'm at crossroads, between the good (the mine), the bad (the sector) and the ugly (the Directors). What to do ?
Good information,thanks Dee .. At this point I don't care about "a lot", concerning this stock. The performance of the BOD's over the last year has been a disgrace to the self investing movement ,which some of our key insiders are no doubt , largely against.
Free markets are a joke because retail investors are given no protection under laws that they as citizens of a free country overwhelmingly should control . Laws that are a necessity to making the game (the market)," work ". When too much retail leaves the market ,the institutional investment corp.'s and various types of funds will begin to destroy the world economy and only the most ruthless will survive. Free markets are gone for now and unfortunately most in retail ,certainly most in this company do not understand the implications of placating this companies Directors
I believe it will prove to be another miscalculation. Of course, we can always rely on the POS to help us out,just not nearly as well had we relieved this BOD's from the coming workload.I'm sure they'll figure out some new compensation for all the insiders ,over the difficult times ahead.
http://www.kitco.com/news/video/show/Mining-Minutes-Wrap-Up/319/2013-05-24/Mining-Industry-Headwinds-Will-Get-Worse-Before-They-Get-Better-Mickey-Fulp
I'm not advocating everything this guy says ,but he is a well respected geologist. He does believe in retail shareholders ousting boards .In smaller stocks in is possible, obviously not US Silver&Gold
Very disappointing . I guess eik and others that essentially said it was a waste of time were correct.
Is it always so ? The mercenary geologist ,Mickey Fulp believes in a lot of changes via retail shareholders removing boards is a good idea,so I still believe the process can win for retail . I think the fact that the annual meeting had no conference call and was on a US holiday , was a strategic move.
I think by giving these directors a pass is a signal for them to not only continue their methods but possibly to make matters worse for shareholders. Debt obligations and the future of Drumlummon should be interesting.
Some here believe that the POS might save this company and I do agree but with a new board we could have shown the influence of the retail base and in my opinion the likelihood of insider deals ,which to me , have been very evident in the last year ,would drop off.
The shareholders rights plan ,being passed,is another huge defeat ,in my opinion. Neither Hecla or Silver Standard or any other potential suitor will have a direct advantage to deal with the retail shareholders. We now must depend on people whom have been responsible for the extraordinary decline in our share price,to represent us . Not a good feeling ,imo.
I had one consolation in this vote .Gordon Pridham had a 24% vote withheld. Considering it is all retail , it shows that a large group from this companies base believes the merger was a part of our overall decline and that responsibility rightly lies with Pridham.
RX investors are likely gone. New people will vote because ever since they have been in this stock it has gone down. I think you discount just how big the retail arm is.
All things aside ,you are making good points but... my directive is not to dismantle the company .That is near impossible but to possibly have a sizeable amount of investors that would withhold a vote for some key directors ,possibly making them pressured to resign. Don't you find it odd that Edwards buys in the market just days before the final tally ? We know the company keeps track of the vote ,at least they did during the merger and I might add ,they wrongly imo published the results before the vote concluded.
If Pridham and Edwards are both shown to be unpopular by a solid number of retail votes ,possibly some actual conversation and their removal from the board might happen.
Why are you here ,if you have no vote and believe the vote is a waste of time ? Are you in touch with an insider ? Not an accusation,theres nothing wrong with you saying whatever you want but I'm curious to your reasoning.
I was in touch with a fairly heavy insider before the merger vote and broke off any constructive conversation with him because of his very obvious slant on the whole deal. The merger and consolidation that came to us has hurt the credibility of the directorship of this company ,maybe with more than just former US Silver shareholders . Always vote ,if you're able and always speak your mind if you have one ,otherwise this very limited democratic right will become even less relevant.
There is so much going on with natural gas uses and no doubt anymore that slowly but surely natural gas will become a exporting commodity of some merit.
It's not my opinion ,it's all over the internet if people take the time to look. A lot of good articles on OILPRICE.com.
With our commodity future in check ,investors must turn to facts about the region. All the majors already are there and WPX has the best new well.Typically claims near that new well are going to peak the interest of literally hundreds of larger companies ,which in DEJOUR's case is just about everybody. Our lands Kokopelli and Roan Creek are positioned on either side of WPX . We have the best properties in the region that are owned by a minor player which is like having a modest home on a street full of mansions . The house might be the cheapest on that street but it's worth is valued by its neighbors.
Dejour will finally get the price appreciation that has been evident for years.
It's all BS politics of trading going on , likely insider deals ,whatever ,imo don't sell out until someone big, pretty much does it for you.
Normally I'd look at insider buying as a positive but when the share price is down 68% since this newco began ,as well as our 1/3rd off haircut ,I just don't feel as good about the buying as I should. Looks like nothing more than a good opportunity for those that have the extra cash . They have in essence, created their own opportunity.
It does of course show a belief from insiders that we have hit bottom,....then again ...... maybe they are aware the votes for them could be better. Insider buying usually promotes retail buying and could influence the way someone on the fence might vote .
Who knows ? Good pick up canuckman
Kokopelli is being transformed from Proven Undeveloped Reserves to Producing Proven Developed Reserves . These wells mean everything but the revenue of about 500,000 per year is not what the good news is all about. Coupled with Woodrush production we should see the company running at a profit but that's still not the good news.
Dejour has roughly 7500 acres in the Piceance Basin,between Kokopelli and Roan Creek that they have rights to 100% ownership in Deep Mancos play. Room for 27 Horizontal wells .They cost about 6 M each but the revenue would be incredible. This does not lessen the 200 wells possible at the Williams Fork level in Kokopelli (including the 4 that are already drilled).Not really sure how many could be possible at Roan Creek at the Williams Fork level but it is a larger acreage than Kokopelli.
All this is meant to do is let long term investors know that the company in my opinion will be bought,or at least the Kokopelli field.It's just too valuable and I'm thinking no major is going to want a JV ,their going to want to take it all .Natural gas is positioned nicely over the next few years and Kokopelli is as close to a turn key operation as a company can get without having half the reserves already gone.
The long awaited value adjustment is coming to this company ,very soon.
Exactly the kind of BS that lost us the merger vote. They needed 67% ,they got just 73%. Don't say it couldn't of gone the other way. The unethical move of using a PR to dissolve voter confidence against the merger might just be used again,then again why bother ,they have Firecracker.
How do we know some of the bigger players won't vote against the board ? Sprott and the other close insiders might have 20%.
This stock is heavily controlled by retail and anybody that can read or has even the slightest gram of intelligence knows the merger was bad and generally somebody down the line has to be responsible to retail shareholders. The Annual election of officers seems to be a good place to start.
Silvergoldenapple , The share price is down because silver is down but the share price is down lower than our peers comparatively ,therefore while nothing other than staying afloat and planning for better days is evident,why not correct what we can ?.
Voting away as many Directors as possible (maybe directed at those whom supported the nonsense merger) is a good idea now ,not later. Fix what is possible to fix in the here and now.
I'm not firing management ,I'm hopefully advancing the cause of ridding ourselves of directorship that has hurt us. Nothing changes in day to day operations. Hopefully we will send a message that says we want Directors that feel obligated to fiduciary responsibilities on behalf of the shareholders and if you don't do that you will be voted out .
Can we succeed ? I think we have a chance but not if people like you don't join in.
Why do I feel like I care about your investment more than you do ?
That was an excellent informative post eik. I gather it's difficult for retail shareholders to do anything but in USGIF's case I think we could prevail by eliminating in my opinion the most offensive Director to the common shareholders in the last year ,our Chairman. Not enough but better than nothing ,imo.
http://oilprice.com/Energy/Natural-Gas/LNG-Exports-Obama-Sides-with-the-Oil-Gas-Industry.html
This should bode very well for Dejour. Expansion of exporting means everything to a company whose value is entirely in it's reserves
It is a good write up Silvergoldenapple but the busy year paints a picture that's not altogether, an accurate picture.
We fought off a hostile company ?,"Hecla",for the equivalent of about 2.35 /share compared to our .74 cents today and landed a gold mine (which has cost the shareholders 1/3rd of our shares) ,millions off our balance sheet,7.9 M in debt and is now closing ,where it will cost us more to keep it on C&M.
The good part of the article talks about the Galena.IMO,one of the best silver plays in North America. I'm still extremely optimistic about the mine and it's future. I'm hoping for another merger because in my opinion we are not in good hands. Silver Standard could be a possibility,imo. They are low priced right now and would likely be interested in an all share deal ,rather than a cash deal from HL. Had the HL offer been shares ,I would have voted FOR. Hope you have seen the light and vote AGAINST most of the Directors and the shareholders rights plan which could make M&A activity less likely,imo
http://www.stockhouse.com/bullboards/messagedetail.aspx?s=USA&t=LIST&m=32581808&l=0&pd=2&r=0
A poster from Stockhouse ,Peruchocanuck,requesting anIHUB audience entitled DAVID BAINES-WRITE TO HIM
It seems everything that is factually incorrect always has a legal way of not be held accountable ..
IE; CEO and Chairman of US Silver ,Gordon Pridham said he expected the share price post merger to be around 3.00 a share.(based on the combination value of the 2 companies) That was a totally misleading ,disingenuous remark but ....he's probably covered.
IE; Gordon Pridham also reported to the public the standings "as the shares were still being counted" He reported that the PRO camp was ahead substantially .Can't remember how much (maybe 85% was FOR,so far).This ,imo would cause people against the merger to not bother,to vote. I thought this was totally unethical .I reported it to OSC among some other things and they did nothing. Not sure how to get them to investigate and not sure how far their powers can go.If they investigated the merger for any reason at all ,it would open the door to a class action suit ,imo. Just the fact that OSC was investigating the deal "might" imo, bring the legal eagles into it,regardless of the outcome.
If enough people knew the deal as well as some of the people involved ,I would think it newsworthy but everyone is of course afraid of losing time chasing something that is possibly unethical but maybe under current guidelines ,legal .Just don't know. When someone basically says to you ,Why not just sell your shares,I get angry and at the same time realize the system that has allowed this to happen is not right. It is twisted in favour of Corporate rights with retail investors basically having no protection.
US Silver was not a bad investment .The Galena is one of North America's best silver mines and still can be for 30 years . I hope the story here can get some notice,not just for the retail shareholders that have been raped, but for the industry as a whole.
I was trying to go the free route,Securities Law ,OSC.Not a lawsuit .I'm after an investigation but trying to get them to commit is not easy. In other words ,you almost have to be an attorney to find something technically wrong even though what's wrong seems to be glaring out at us. There was so many things wrong with that merger ,it's hard to comprehend , what can be used to open an investigation .
I posted your remarks over at Stockhouse. Trying to get some interest in the topic. . Something on a whole was very wrong in that merger ,imo. However, after spending about 40 minutes speaking to 2 OSC officials,I think trying to say what is Securities Law and what is Corporate Law is easier written than trying to get OSC to investigate. I did get them to look into the fairness opinion but was not able to give them exact evidence that the opinion was not factual. The opinion was essentially worthless and OSC does not care.
If you can find something that you believe is fraud or misuse of Ontario Securities law ,please call them.If you're not a shareholder ,do it on the grounds of a concerned citizen into ethics.
I agree with your summary 100%. I raised many similar complaints to OSC and got nowhere. Cormark covered their ass very well. So non committal and lacking any real substantive inquiry into the company.
The question that is raised by OSC is ,Did Cormark lie on their fairness opinion. Technically ,I'm sure they're not that stupid but essentially OSC admitted the appraisal was not really anything that should be used for investment advice ! ....Then why did the BOD's pay them ?
Why would a BOD's of industry pro's need an outside influence to substantiate their claim to the value of the merger ?
A= I would think ,they needed it to influence retail shareholders. Cormark gives the opinion ,but bases it on only financial data ,which may or may not be accurate . Better said they can't guarantee anything.So.... Nothing from the mine (as you pointed out) ,not the resource,permits,lawsuits or the fact that no mill was present ever entered into the criteria to establishing a value on Drumlummon or RX Gold's only asset. The fact that it came with 8-9 M in debt only raises the confusion to how any of these guys in Cormark,Sprott and US Silver BOD's got away with this.
So many people told you the exact scenario that would play out. You should sue the companies that supposedly did the DD on the combination and gave their blessings on it when it was apparent that Drumlummon was a con-job.
Thanks for the post stacksilvernow. I agree with you. I've looked into that possibility but... since it is likely,a "Corporate Law" issue,it means shareholder would have to assemble and put up cash. The larger retail shareholders seem to be the least interested in such an endeavor . (going by the fact that on both Stockhouse and IHUB ,I've never read mention of a suit,where as I have read people talking about how many shares they own.) My position is small comparatively to many in retail but my anger is high.I consider everything that has happened in the last year to this company an insult.
I pressed OSC for an investigation and after several conversations with 2 separate officials,I'm told my complaints are likely NOT "Securities Law",more likely Corporate. This essentially means we are on our own unless... we can find something in the fairness opinion from Cormark that is an untrue fact. A total misrepresentation. I explained that the conclusion to the merger with the closing of the Drum is evidence that it was a bad unfair opinion by a paid pro. Not good enough ,I'm told.
The sad thing about deals like this is that it hurts the industry ,the investor confidence and nobody seems to give a damn. When the lack of investment in the TSX listed resource companies begins to affect solvency issue's for the entire industry,it will be time for OSC and other watchdog groups to become more in tune with investors rights.,in my opinion.
You're missing a huge draw against the balance sheet. Drumlummon. In excess of 6 m this year so far plus the care and maintenance coming and that does not include capital projects beyond the regular subsidy that is a constant drain from Drumlummon.Without the Drum,our balance sheet will improve rapidly .
At this point,if silver is going to continue to decrease, we might as well put the Galena on care & maintenance . If we are not profitable ,the size of Administration must decline and what's left be forced into actually taking a pay cut.
Before any of that happens the Galena will be merged into a bigger company,imo .I'd bet SSRI is the most likely candidate. PEOPLE NEED TO VOTE ,nothing is more important right now. With that said,I'm still waiting for my PROXY
Firecracker says , It's the only hope for USGIF to survive.
I'd admit things are not good but that's a ridiculous statement. Saying that a rise in silver is the only way the company can survive and voting is waste of time because insiders MIGHT control about 30% sounds like you have a new job.
The RX debt of 7.9 M can easily be assimilated and even if we lost Drumlummon in the deal by not paying ,it would not affect the company ,might even help it.I'm not suggesting that but maybe the debt holder wants the property? Maybe something can be worked out.
Not voting ? If more retail had of voted against the merger,we would have stopped it.Those that were on board ,with the company and Sprott ,in August of 2012 ,are now with those of us who believe the merger was bad and therefore want to see a better run company, especially within the board room. Voting is how that can be accomplished.
I have no proxy yet. If Brock is off the list ,then I applaud him for taking responsibility for the merger debacle and exiting. I was saying I personally was "undecided", at the time I wrote the post with a few of the executives including Blasutti.
I take ABSTAINING as a no vote or You refuse to credit the person. For instance recently AUQ ,(Aurico Gold ) had the annual vote for BOD 's and Edwards had about 18,000 votes ABSTAINING .In context ,it's not that high since many voted for him over 100,000 but the point is his ABSTAINING vote is much higher than other BOD's .Something to consider. Why ?
I wish I would receive my Proxy.I have 2 to fill out.
eik, The strongest message I want these guys to get is that the shareholders were close to stopping this merger and those that voted FOR the merger , are now squarely with those that voted AGAINST. Drumlummon is costing us millions .Forecasted,(if not closed 2nd quarter ) to lose 12 M this year. This is inexcusable ,imo. The only avenue we have (that does not cost us money for attorneys) is to VOTE against those who brought us this wonderful new mine.
Blasutti simply cannot be held responsible .He was acting in his shareholders best interest when he made the merger deal. We were not his shareholders.
Other than that ,I see what your saying,it could give our CEO a false sense of accomplishment. Blasutti might not be responsible to USSIF shareholders for the merger but has not done anything ,imo ,to attract a better share price. Being the CEO ,he might only have 1 vote on the board but it is after all the BOD's that sets salary and compensation and that has been very shareholder unfriendly,to say the least. It was irresponsible and not a good way to promote which is suppose to be his expertise. I'm not overly impressed but I'm hoping the vote might actually remove or at very least show why certain directors have such bad numbers .
It's mainly about the merger and that fact should be driven into the heart of the BOD's,imo.
I see no reason for a company that has done so poorly with this board to have 9 Directors. Maybe they're getting mixed up shuffling papers within their ranks ? I think 6 would be fine . If I had to make a choice between keep them all or lose them all ,I'd lose them all. Luckily we can attempt to assign responsibility for the mess to each Director .
Not sure about Blasutti. I won't hold him responsible for the merger but his performance since has been, imo, moderate at best. I think I might give him the benefit of another year ,if only to not cause too much chaos. Firing everybody crosses my mind and that could prove to be the smart move but it could also prove to make things worse ,if that's possible.
We need to eliminate anyone that " reasoned ",the merger was good ,that was infact a US Silver (USSIF) board member at the time of the merger,imo. That much I'm sure about.
1. Blasutti ; Whether or not he should be re-elected is entirely a perspective left to each individual shareholder. He is the main cause ,imo ,of the merger but ,Can I fault him for acting in his peoples best interest when he was not yet attached to US Silver ?
In my opinion Blasutti missed opportunities to help the share price and in doing so, sent us on a spiral downward because he has developed a disconnect with common shareholders. Operational wise,he has done fairly well. VOTE ,undecided
2. Argo; His background is much the same as Blasutti's,Corporate Development at KGC ,instead of ABX. I see no reason for duplicity . VOTE; undecided
3.Dionne; background is from Barrick ,underground operations. I'm not against what this team has accomplished at Galena.On the other hand ,How much is due the BOD ? VOTE; FOR
4.Waisburg ; an attorney .I suppose every board needs expertise like his. VOTE; FOR
5.Ryley; Not sure if he was a big part of the merger ,not even sure if he was a director of USSIF at the time . VOTE: undecided.
6 . Davidson ; Again from ABX ,Looks like he was under Blasutti at Barrick .How many people are needed in Corporate Development when Corporate Development has been so bad ? VOTE; AGAINST
7. Brock ; Vote;AGAINST (part of the merger)
8.Edwards Vote; AGAINST (part of the merger)
9. Pridham Vote; AGAINST , In a legal sense ,I wish I could do more to this guy than just vote against him. He seems to of been, the driver of the merger. In my opinion he is the greatest defect to this company ,that can quickly be eliminated by a vote.After the performance of Drumlummon ,I question his resolve ,AGAIN, Why is he not resigning ?
These are my thoughts on the upcoming vote so far. I am not trying to sway anyone's vote ,but am trying to get investors to think for themselves, thereby how to help themselves. Any contrary or additional information that could be relevant to my decisions on these votes is welcome. My opinions are not written in stone.They are simply, what as an outsider invested in this company ,I have reasoned since the merger,which I strongly opposed.
In my opinion ,any shareholder that would vote for a director ,formerly of USSIF and still part of the USGIF board is shooting himself/herself in the foot.
Many of us voted against the merger but did not prevail. It has become very obvious that any "discovery" potential at Drumlummon (which was the ONLY positive argument for the mine ) is unfounded. The merger has proven to be a financial disaster at a time when the Galena needs cash and attention. The Galena has been and still is the future of the company .9 months have gone by and the Drumlummon mine continues to destroy the balance sheet of the new company .
What possible logic could be given to voting for people who put us in this position ? All the BOD's are under scrutiny in my view . Voting , is the only recourse you,as a retail shareholder has to make things better for your investment,other than personally hiring an attorney who is an expert on corporate law ,in my opinion.