Saturday, May 31, 2008 12:35:08 PM
The remaining shareholders' equity has dwindled to about $2,000,000. Since the CEO still seems to be paying himself a hefty salary directly and through Third Capital Partners which he appears to own, and since he will undoubtedly compensate himself with more convertibles, he's rapidly swallowing up the remaining portion of the company which he doesn't already own.
At this point, remaining shareholders are pitching in about $1 million per year for Christopher Jarratt's salary and perks--for their shares which are worth only about $800,000. Clearly Christopher Jarratt doesn't have much of a feeling of fiduciary responsibility. Based on that, I suspect the related party transactions to operate the gold mines are value-shifting as well.
Almost $20 million in equity evaporated over the past three years, much of it going to G&A (which includes the salary for the CEO--probably the bulk of that). Good luck to anyone holding--you're going to need it.
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