Been 10 years since anyone posted anything on Yellow Jacket.
I knew the company that owned it and the people there. I was just looking up current status of the mine to see if anything has been done recently and found this board. So I signed up to give an update on the company and people since everyone here at one time or another seemed to have some seriously wrong information on the business and people involved.
So here we go...In 2009, a letter from the SEC clearing them of any and all wrong doing was issued to them. These letters are extremely rare and when you get one, you know you have been examined to the core and absolutely nothing was found. Their SEC attorney which used to be an SEC investigator estimated that only 3 to 4 of these letters go out to companies each year out of the many 100's of investigation the Federal Government does each year. So there was no fraud or deceit perpetrated in any way.
The investigation was completed by the U.S. Justice Dept., The Securities & Exchange Commission, and some other branch of the Gov of which I can't remember.
Rumors of this investigation reached the county where the company did business in Illinois and people with an axe to grind filed complaints trying to get the company in legal trouble by trying to get them indicted for crimes they never committed! The charges were brought before a Grand Jury. The Grand jury found no cause to indict on anything criminal or otherwise in any way! In other words... They did nothing wrong or illegal.
Knowing the people and the business intimately (but not associated with them) I will say that the things written here by others are SO WRONG and that it's all just someone with an axe to grind that wrote most of it. These people were trying to bring a Gold Mine into production but before the process could be completed the Hedge Fund that lent the money to the company for shares of their stock didn't get the approval from the SEC to obtain and be able to trade the shares fast enough.
It was due to an auditor and her company that wouldn't sign off fast enough on the final audit for the company that would allow the stock that the hedge fund had in Galaxy to be traded. So they pulled out and forced a sale of the property to recover the millions they paid out to Galaxy for the shares.
If the hedge fund would have given them 2 weeks longer than all of this would have happened a lot differently and gold would be producing and everyone with shares would be quite happy now. (well except for people like Yoram Palkovitch which is one of the people that has an axe to grind with the company for staking claims on Sitkinak Island in Alaska and that posts negative comments on this company here.) There is also a group of scammers down there that tried to scam Galaxy out of a lot of money by doing everything they could to try and kill all efforts by the company to mine the property and when Galaxy didn't go for it, they too jumped on this board to say negative things that are not true about them and get people mad. After reading some of the comments on this company alone posted I would bet money that almost no one posting on Galaxy, has, or has ever had anything to do with Galaxy shares of stock!
So that's how this all went down. Blame the fall of the company on the lousy auditors that couldn't get their business in order to finish work quick enough for the likes of the hedge fund. I know all of this since as I stated, I knew the company and the people in it for decades prior to the company being in business, I knew a lot about the business, and I know that these people are honorable and trustworthy. It's too bad that they never got the chance to bring their dreams to fruition but maybe sometime in the future things could change for them. You never know what the future holds.
