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Can anyone say whether a crime has been committed?
I don't know if any criminal activity has taken place by anyone (other than the stolen concentrates), but I sure would like the SEC and FBI to take a look. As well as our own attorney. Seems strange that a million dollar machine is not in our possession, and likewise all those stolen concentrates. We need to get some kind of an investigation going.
Don't laugh. That million dollar machine could be the start of criminal charges. Can you say Fraud? Racketeering? Stand by.
I WANT OUR MILLION DOLLAR MACHINE BACK! I don't care who we have to sue to get it.
CLYDE SMITH. From the sound of the press releases, Clyde Smith is guiding the new CEO on how to best implement competent, industry-standard methodologies for bringing success to the El Capitan Mine. In other words, we finally have someone running things, or helping to run things, that knows what he's doing! What can I say? God Save the Queen (meaning thank God)!!
The former CEO needs to be very measured in what he does or does not do next.
Intent to Defraud. If we can prove that level of malice or even a high level of decision-making malfeasance, we can go after personal assets. Homes, bank accounts, cars. It would not be pretty. I'd make sure I did everything possible to avoid getting put behind that wealth-stripping eightball! I'd lay very low to avoid inevitable legal actions that will be brought by angry shareholders. If someone engaged in the aforementioned conduct. I am not saying anyone did.
Fiduciary Duty of Disclosure
"Candor in business discussion is important between officers, directors, and shareholders so that they may assess material risks and make informed decisions. Full and fair disclosure of material facts is essential before seeking board or stockholder approval of major corporate business transactions, such as a mergers with or acquisitions of other companies. As part of their duties of loyalty and care, officers and directors should also disclose any potential conflict of interest that may arise between their individual interests and those of the corporation."
https://www.nolo.com/legal-encyclopedia/fiduciary-responsibility-corporations.html
Fiduciary Duty of Good Faith and Fair Dealing
"This fiduciary duty is closely aligned with the duties of care, loyalty, and obedience. Under this duty, officers and directors must act with honesty, good faith, and fairness when handling corporate obligations. This continuing duty runs through their daily tasks and operation of the corporation."
https://www.nolo.com/legal-encyclopedia/fiduciary-responsibility-corporations.html
Fiduciary Duty of Care
"In a corporate environment, both officers and directors are expected to use appropriate care and diligence when acting on behalf of their corporation. They should exercise reasonable prudence in carrying out their duties to achieve the best interests of the corporation. An officer or director may be held personally liable for failing to exercise reasonable or ordinary care under the circumstances. For example, a lack of due care may be shown when an officer or director fails to undertake a reasonable review of a corporate matter, to regularly attend board meetings, or to adequately supervise staff which ends up damaging the corporation.
Under the business judgment rule, an officer or director may not held liable for business decisions made in good faith and with reasonable care that turn out to harm corporate interests. The courts will defer to erroneous business judgments, provided that the officers or directors did not show gross negligence in their review and decision-making process."
https://www.nolo.com/legal-encyclopedia/fiduciary-responsibility-corporations.html
Fiduciary Duty of Loyalty
"Officers and directors owe a duty of loyalty to a corporation and its shareholders. They are expected to put the welfare and best interests of the corporation above their own personal or other business interests."
https://www.nolo.com/legal-encyclopedia/fiduciary-responsibility-corporations.html
Shareholders should become familiar with BREACH OF FIDUCIARY DUTY.
Conspiracy to commit Securities Fraud. If money all of the sudden starts flowing in, one can reasonably ask why no revenue after all these years? What held it up? What's been going on? Inquiring investigators will want to know, especially if there was a conspiracy to BK the company, as was the accusation made by El Capitan PM in the May 9th business update:
"We understand that there is currently a group of shareholders and current directors who are actively considering forcing the company into bankruptcy. We fear this is being done with a view to purchase the mine assets on a highly discounted “fire sale” basis, thereby wiping out the current equity and perhaps even debt holders of the company."
Shareholders will demand answers!
Duty of loyalty issues may arise in the context of a variety of transactions, including the following:
1. Sales to or purchases by the corporation from directors or entities
in which the directors have an interest;
2. Dealings between a parent corporation and its subsidiary;
3. Unfair treatment of minority stockholders by a majority stockholder
in matters such as corporate acquisitions and reorganization
transactions;
4. Use of corporate funds to perpetuate control;
5. Sale of control;
6. Demands of stockholders to commence derivative suits;
7. Excessive compensation;
8. Insider trading;
9. Usurpation of corporate opportunities;
10. Competition with the corporation by officers or directors; and
11. Improper use of corporate position, property, or information.14
The question of whether a director has breached a duty of loyalty generally may arise if it is shown that the director has an interest in the transaction at issue. Directors are typically considered to be “interested” if they “appear on both sides of a transaction” or if they “expect to derive personal financial benefit from it in the sense of self-dealing, as opposed to a benefit that devolves upon the corporation or all stockholders generally.
https://apps.americanbar.org/abastore/products/books/abstracts/5310344_chap1_abs.pdf
Learn some more Corporate Law:
Duty of Loyalty
Definition
The duty of loyalty stands for the principle that directors and officers of a corporation in making all decisions in their capacities as corporate fiduciaries, must act without personal economic conflict. The duty of loyalty can be breached either by making a self-interested transaction or taking a corporate opportunity.
See: Self-dealing.
See: Corporate opportunity.
In order to prevent a violation of the duty of loyalty, if a fiduciary wishes to make a self-interested transaction, or take a corporate opportunity, the fiduciary must first fully disclose both the facts of the conflict, and the details of the transaction. The transaction must then be approved by either a majority of disinterested directors or a majority of disinterested shareholders.
If the duty of loyalty is found to be violated, courts may order the offending fiduciary to pay restitution, and may impose punitive damages to deter future violations.
https://www.law.cornell.edu/wex/duty_of_loyalty
Learn The Law, and ask some probing questions:
Duty of Loyalty: As the Delaware Supreme Court explained in Guth v. Loft, 5 A.2d 503, 510 (Del. 1939): “Corporate officers and directors are not permitted to use their position of trust and confidence to further their private interests. . . . A public policy, existing through the years, and derived from a profound knowledge of human characteristics and motives, has established a rule that demands of a corporate officer or director, peremptorily and inexorably, the most scrupulous observance of his duty, not only affirmatively to protect the interests of the corporation committed to his charge, but to refrain from doing anything that would work injury to the corporation, or to deprive it of profit or advantage which his skill and ability might properly bring to it, or to enable it to make in the reasonable and lawful exercise of its power.”
https://www.law.cornell.edu/wex/Fiduciary_Duty
The Sarbanes-Oxley Act of 2002 includes this provision:
Title VIII: Corporate and Criminal Fraud Accountability
"Anyone that plays a role in defrauding shareholders of publicly traded companies is subject to imprisonment and fines."
No, because I don't work for the company Georgei. I just invested based on what they told me in their filings and PRs.
Arrogant people are their own worst enemy. Actions are either being considered or taken, I don't know which. I do know I'd not want to be the focus of certain regulatory and law enforcement agencies attention, if indeed that's about to happen.
3 million [plus] dollars worth PMs declared in those concentrates, and they're missing? That makes this a major crime kinda like a missing armored car or even a bank heist.
Where is local and national law enforcement? I'd expect the FBI and Royal Canadian Mounted Police to be all over this. And I'd expect a number of people involved to go to jail. I believe we have a criminal conspiracy going on. Where am I wrong oh wise one? Tell me Georgei because I'm all ears!
Shareholders must open a trust account and hire an attorney. The only course of action left to the company's current BOD and shareholders is to file suit against those responsible for the usery compensations, excessive stock transfers, and handing over of company assets to contractors and consultants. There is no other sensible course of action.
Georgei, on the question of former management alleged "irregularities" as suggested in that business update that said certain parties have been trying to bankrupt the company in order buy it on the cheap:
"We understand that there is currently a group of shareholders and current directors who are actively considering forcing the company into bankruptcy. We fear this is being done with a view to purchase the mine assets on a highly discounted “fire sale” basis, thereby wiping out the current equity and perhaps even debt holders of the company."
Is there a conspiracy going on that would cross into the area of stock fraud or illegal manipulation? And your friend Joe says there is a foreign national involved, and I think he also said an officer of the court is playing some part in this. This sounds like a soap opera! Like The Godfather or something. So ...
What say you about a government agency opening a criminal investigation? Have any laws been violated in your opinion, should actions of certain people be looked into, and what would the repercussions be for them and the company? Tell us oh wise one. We are sorely in need of your council because we are not expert in these matters like you are.
Georgei, what happened? Are you trying to help ECPN now? I am in shock my little buddy:
"Maybe the best option is a royalty company. They take a long term view and tend to be aggressive. Their business model is to invest in quality assets for a long term royalty. One that invests in iron deposits is Altius. They are cashed up and ecpn debt would be a small fraction of their current income. And they would insist on participating in management to protect and maximize the value of their investment."
Are you angling for a job as an ECPN consultant? : )
Shareholders meeting Georgei. Wait for the shareholders meeting!!!
You're getting warm Georgei, but that number is way off. I can't wait for the shareholders meeting! : ) : ) : )
Oh, I will be there. How about you? We can break bread, drink wine. What you say my IHub friend?
Breathe Georgei, breathe. Everything is going to be OK. Wait for the shareholders meeting. Only then will you see the latest and greatest! : )
Georgei, perhaps they'll tell us something good!
Georgei, porgi, pudding and pie, allow me to ask. Do you think they'd have a shareholders meeting if they had nothing to announce? lol! Stay tuned my little friend. Stay tuned!
All will be revealed at the shareholders meeting Georgie my friend. Nothing divulged until then. : )
Only one way forward after this interesting development. Get the concentrates back, pay a company to cyanide vat leach them, and see what comes out.
Georgei, Georgei, Georgei. You must wait for the shareholders meeting. Too bad if some people don't have the patience.
But they are there Georgeipoo, hearing what's going on - you're not. It is what it is.
The two new Board members Georgei. When they tell you what's going on at the shareholders meeting, when they communicate their assessment of the company, and given their high level of trustworthiness and credibility, then ... people are gonna be very happy!
Do you really think they'd lend ECPN their own money just to lose it? If they went on the Board and found something was very wrong (as in shenanigans) don't you think they would have immediately resigned? Same thing if they thought there was no path forward, don't you think they would have quit? lol! Please stop funnin' me! I thought we were friends and could trust each other.
Georgei, I hope you make it to the shareholders meeting. Then ... you'll see! : )
Wondering why the volume was high today? Hmmm??? Stay tuned!
: )
Georgei my BFF. Will find out everything at the shareholders meeting. Be patient!
Shareholders meeting Georgei. Wait for the shareholders meeting!
Wait for the shareholders meeting and see what they announce before you say "fairy tale". Remember what ol' Blue Eyes said:
Fairy tales can come true
It can happen to you if you're young at heart!
IRON ORE Git. Our fallback position is Fe-ore. We have tons of the stuff, and a machine on-site used to separate out the PMs and leave behind high-grade Fe-tailings.
Will we sell as a PM company? Given how much gold and silver they have, we should. But ECPN also did an iron ore survey, so it seems to me we have an eye on making revenues from iron ore, the stuff that makes steel, the stuff that will be in demand given tariffs and future government spending on infrastructure.
They've been talking about a $1T Infrastructure Bill. And the roads, bridges, airport extensions, rail, etc. would require lots of American-made steel. Perhaps someone plans on opening an iron-ore collection point in NM, hmmm? The State and El Cap Mine has plenty of the stuff to sell. This should come out when they release the results of the property iron-ore survey.
IRON ORE Git. Our fallback position is Fe-ore. We have tons of the stuff, and a machine on-site used to separate out the PMs and leave behind high-grade Fe-tailings.
Will we sell as a PM company? Given how much gold and silver they have, we should. But ECPN also did an iron ore survey, so it seems to me we have an eye on making revenues from iron ore, the stuff that makes steel, the stuff that will be in demand given tariffs and future government spending on infrastructure.
They've been talking about a $1T Infrastructure Bill. And the roads, bridges, airport extensions, rail, etc. would require lots of American-made steel. Perhaps someone plans on opening an iron-ore collection point in NM, hmmm? The State and El Cap Mine has plenty of the stuff to sell. This should come out when they release the results of the iron-ore survey.