Naturally I am disappointed to hear that but understand your reasons. One automatically thinks the board moderator may be the last one to give up his/her Long position.
What surprises me more is the total lack of any response (here) to my request for a few key signatures on a Letter to the Board. And no posts indicating anyone called the company or any of the directors...posing questions and getting answers or getting ignored. Puzzling...
Anywaaaay, here's the letter one last time with instructions on how to sign it if you feel so moved:
A number of people have emailed me already (other boards) to sign the letter to the BOD...thanks for the support. Well, in fact you are helping your own cause with absolutely nothing to lose, so all shareholders gain.
Some have asked what the email to me should say.
It should read like this:
Phil,
You're authorized to sign my name on the letter to the Intrepid Board of Directors that you present in Raging Bull post #19828.
Thanks,
full name
address
# of shares held
_____________________________________________
If you want to be more exact then copy the text of the letter into your email instead of just referring to post # 19828.
Here is the text:
Gentlemen/Members of the Board of Directors
Intrepid Technology and Resources
On March 31, 2004 the price of our common stock closed at $.07; on March 30, 2007 the price of our common stock closed at $.06.
During the three year period from 03/31/2004 until 03/30/2007 the value of Intrepid common stock has not increased one cent, in fact it has declined a penny. During this same period Intrepid issued and sold more than 132,000,000 shares and has reserved an additional 73,333,333 for sale to Cornell Capital.
As of March 31, 2004 there were 185,000,000 shares of authorized common stock, of which 108,361,992 were issued and 97,130,584 shares were outstanding. As of March 31, 2007 there were 350,000,000 shares of authorized common stock, of which 243,919,568 were issued and 230,100,973 shares were outstanding.
The undersigned, all individual shareholders in Intrepid, would like to communicate the following message to the Board of Directors: I vigorously oppose any plan to request shareholder permission to increase the number of authorized common shares. I enthusiastically support the company's expansion plans but believe any financing plan that relies heavily on equity is a very expensive solution and will negatively impact shareholder value. Furthermore, I believe that any such plan is ill conceived and a waste of valuable management time because I expect the full body of shareholders will vote a resounding NO to any such proposal if it is brought to a vote.
Respectfully,
The undersigned
AI
