Sterling Mining Company

Zitat

Original von Tschonko
Goldy, die Zeit ist schnellebig. 1 Seite zurück steht:
Goldy,
das ist vollkommen richtig, dass du gesagt hast um 5 ist SRLM wieder ein Kauf. Kann mich noch genau erinnern.
Ich habe geantwortet, dass ich dann schon viel gewinn draufhabe.
Also war dein Beitrag kontraproduktiv.
Wenn sie nicht pleite gehen, dann wäre doch ein Kauf vor 5 schlauer.
Meinst du nicht auch, goldy.

Bei ALMI hast gesagt 0,9 ist sehr sicher, da kratzt sie jetzt herum.

Goldy, was anderes, sag mal wie weit SRLM nach deiner Einschätzung noch fällt., sie einen Boden findet.
Das fände ich einen konstruktiven Beitrag.

Tschonko

Aladin, edelman,
es genügt ja, wenn Aladin od. ich denen schreiben....
WER HAT NOCH SRLM??
und mal sagen, dass wir in einem Forum in D sind und ca. 200000 shares haben. da sit schon was für die Proxyabstimmung.

Edelman. du brauchst dich nicht anmelden bei der Seite.
Wenn du aber Abstimmung mitmachst, musst du immer shares u. broker angeben. das ist nichts anders wie bei einer Wahl.
Hier zu schreiben, ist viel gefährlicher, weil deine URL im Server gespeichert ist und auch überprüft werden kann, wenn hochsensible Wörter fallen. Ist aber nicht so wild.

Man muss eh mal schauen was de Motte will am 21.12...
aber das war mal ne frechheit, was er sich geleistet hat bei der Verschiebung.
Der soll ruhig mal Druck kriegen.
Wenn Friede einkehrt am 21. oder Palastrevolution stattfindet, dann ist der Weg frei.

Lest mal selber auf der Seite, da sind schon wichtige sachen dabei.

Aladin, machst du auch die Erfahrung, dass die kan. broker immer deppater werden?
Höhere Gebühren. Und zum 2. mal ist es mir passiert, dass ich eine Aktie trotz Limit zum Schlusskurs nicht verkauft habe.

Dass ich SRLM nachlege, steht fest. Muss erst Geld herbringen.
Niederer 2er bereich. Das wird mein 2. Cabo.
Die Positionen sind einfach zu hoch im Verhältnis. Wenn ich die einfach hab, ist mir das wurscht.

Grüße
Tschonko

Hier noch die Vorgangs weise de Mottes (ganz unten!)

From Magic to No Can Do
How could so many shareholders get it so wrong when it comes
to evaluating management? Most of them remain in the dark,
some willingly. Can you afford to?


As we do elsewhere in this website, we find it necessary to inform other shareholders that http://www.savethesunshine.com was developed and is currently administered by a Sterling shareholder who is also an investor in Silver Valley Partners, LLC, which is involved in federal litigation against defendants Ray De Motte, Carol Stephan and others in which fraud and other misconduct is alleged. This litigation, as can be expected, has a direct bearing on the opinion of the plaintiffs (Silver Valley Partners and others) with respect to the defendants (Ray De Motte and friends), some of who are involved as directors and members of Sterling's management. For the plaintiffs, the lawsuit should be sufficient reason to want the removal of the defendants as stewards of a company in which many of the plaintiffs still have an illiquid, restricted investment. But because the American judicial system provides a framework in which innocence is presumed until a defendant is proven guilty (which we are grateful for), the plaintiffs can't very well expect that other shareholders will be swayed, sight unseen, by the evidence, experience and conviction that the plaintiffs plan to lay out in court, and only in court, in their pursuit of justice. What should perhaps be of concern, however, to shareholders who are not plaintiffs in that lawsuit and who have not been personally defrauded (at least not to their knowledge) is the consistent pattern of behavior that can be easily observed by anyone possessing only one good eye and one good ear. It doesn't take two years of close business dealings to figure out that something is terribly wrong.

The Magician

One of the funnier things we've heard about Sterling's top management (President and Chairman Ray De Motte), is that he is a "magician". Now there are certainly magicians who can seemingly make miracles happen, but that is not the context in which we heard this particular comment. It was rather the ability magicians are best known for, that is, to make things disappear! In the case of Mr. De Motte, to make shares of stock disappear, enterprise value disappear and cash disappear.

To be fair, Mr. De Motte has performed magic of the miraculous sort. When his own directors turned his attention to the situation facing the new owners of the Sunshine Mine (they had acquired the mine out of the Sunshine Mining Company bankruptcy at salvage value, but they owed back taxes on it and were looking for a partner to maximize its value), Mr. De Motte did an incredible thing. He convinced the mine owners to lease him the Sunshine for 15 years at $10,000 per month plus 2 million shares of stock, with an option to buy the mine outright at any time for $3 - $5 million. We don't quite know how Mr. De Motte accomplished this, but we believe that even in mid-2003, at the start of the silver bull market, there was plenty of interest in the Sunshine. So it was not a "gimme". It was a deal the Donald would be proud of.

But with this comes a problem. The Sunshine is not some asset you sit on as if you were a tiny, retarded version of Silver Standard Resources. It is not something you ignore for two years, knowing everyone is holding their breath to see if you can live up to your promises. Meanwhile, you ignore the promises and spend time building your empire (the real estate, the non-mining companies, the "Wallace Division" whatever that is, the coin program, the misadventures in Mexico, the constant business trips for reasons having nothing to do with Sterling, etc.) while you lead the "Silver Revolution". You tell everyone that you will be working to put the mine back in production and registering Sterling with the SEC so it can file financial reports and trade on a higher exchange. Instead, you ignore these things and spend all of your time on hobbies.

Not good. Not good at all when you are the one responsible for the Sunshine, the greatest silver mine in American history and possibly still containing the largest mineable deposit of silver in the United States.

Getting control of the Sunshine is like taking possession of Pandora's Box. The Sunshine is a mighty powerful, almost irresistible, force beckoning the silver bug, who is practically mesmerized by the legend of this great mine. Having a piece of the Sunshine seems like a once-in-a-lifetime opportunity for the restless silver faithful, especially when such reassuring words are spoken by Mr. De Motte about its prospects for returning to glory. But Pandora's Box contains a lot of nasty details, issues and questions. Bad things that management does not want anyone to know, especially shareholders. Management knows that Pandora's Box is destined to be opened, and the difficulties, problems and risks eventually exposed for all to see. But only if the box could be kept shut a little longer, shareholders kept in the dark for a while. The worries could then be kept under cover and the party could continue for a few precious moments more. After all, it is not Mr. De Motte's money on the line.

Manhole Cover Man

If the feat required to acquire control of the Sunshine Mine is anything like what it takes to fool a crusty pilot turned mining analyst, we could be in for some chilling discoveries about management misadventures.

Let's recalll that almost brilliant job of acting that Mr. De Motte must have needed to lure in the "eager to tell a story" Bob Moriarty of http://www.321gold.com, whose Hint, begins with an "S" is rightfully credited as the impetus for one of the most amazing instances of stock price appreciation recently witnessed in the high flying world of silver stocks. From a price around $1.10 on the day Mr. Moriarty published his ode to the Sunshine and its leader Mr. De Motte, Sterling departed on a blazing rocket ride that catapulted it to a high of $14 nearly 9 months later. But once the artificially induced enthusiasm wore off, the reality of failing to deliver on promises has led the stock down hill ever since. All the while Mr. Moriarty has remained silent, perhaps hoping that anger will be directed at the subject of his story instead of the author.

What apparently got Mr. Moriarty so excited at the time was Mr. De Motte's use of one of the oldest tricks in the promoter's book: make them think you are a cheap stingy bastard like those tycoons from the good old days. This bit of theatre resulted in the laughable visual of Mr. De Motte asking the waitress how much eggs, hash browns and toast cost, while Mr. Moriarty gladly obliged by publicly bestowing upon Mr. De Motte the title of the man who "throws around nickels like they were manhole covers", not to mention pointing out this was someone who would guard Sterling's cash and available but unissued stock like they were literally gold (well, in this case silver). Instead, a short two years later, the cash is gone, the stock is all accounted (or rather unaccounted) for, and more of the same appears to be on tap. Very little of that stock or cash appears to have been expended on the Sunshine, which is the only reason the stock was valuable in the first place and why any cash at all was available to Sterling.

More Meatpacking

Robert Martin, a person of less gall but equal cluelessness followed up Mr. Moriarty's effort with some praise of his own. Speaking about Kimberly Gold Mines, Inc., a spinoff of Sterling, Mr. Martin could not get enough of the tight share structures supposedly advocated by Mr. De Motte. His article, Do elephants wear slippers?, is such a clear case of being fed BS that the result in retrospect would be gutbusting funny were it not for the fact that many shareholders have lost a lot of money on "Ray's tight share structure" stocks. Here are a few choice excerpts from Mr. Martin's article:

"Ray came to the precious metals arena late in life after stints in finance, accounting and international business with Bechtel and McKesson Corporations. He brought with him the financial discipline of those mature corporations, and it has served him well."

"The first thing that you note when talking to Ray is his focus on the shareholder."

"This obsession with his shareholders is not a PR gimmick."

"For Ray, who is a big-vision guy, when it comes to shares less is more. He knows that a tight share structure imparts the best value to his shareholders, including himself. And when it comes time to raise equity capital, Ray's companies are well-positioned to leverage their share value for top dollars at minimum dilution."

That last one is my personal favorite. Read on to find out why.

The Race to Dilute

We were very surprised to learn that between June 28 (or June 14), 2003, the day shareholders allegedly approved an increase in authorized shares from 5 million to 20 million, and December 31, 2004, the date of the allegedly audited financial statements provided to us by Sterling, more than 11 million shares were issued resulting in proceeds to Sterling of only around $6 million, or about 55 cents per share. This is puzzling, considering that at no time during that period was the stock ever 55 cents per share and in fact more than 95% of that time was spent at prices between $2 and $14 per share. Furthermore, over 50% of that time was spent at prices above $5 per share.

It is believed that the shareholders suing Mr. De Motte in federal court paid $4.00 to $4.80 per share directly to Sterling pursuant to actions by Mr. De Motte that led to the filing of the complaint against him. Yes, the brokered private placement in mid-2003 resulted in stock issued at a steep discount (35 cents per share, with warrants at 75 cents per share) from the then-current trading price, but to us something is still seriously amiss. Of the 11 million shares issued since June 28, 2003, roughly 750,000 went to shareholders currently suing Mr. De Motte. Between various placements and purchases that resulted in the exercise of options and warrants, the total proceeds to Sterling were over $1.5 million dollars from this group of shareholders, accounting for a full 25% of the money raised by Sterling during this period. This makes the price at which the remaining 10.25 million shares were issued seem even more ridiculous (44 cents per share).

Clearly Mr. De Motte has abandoned, if he ever did practice, throwing around nickels in favor of throwing around share certificates, except it appears they were thrown around like confetti at a ticker tape parade. More likely, the only manhole cover Mr. De Motte had on his mind was the sewer plate marking the middle of his "Silver Revolution" empire in Wallace, Idaho, the so-called "Probalistic Center of the Universe" (a jab at the pseudo-scientific method that the EPA uses to quantify toxicity levels in the environment where imminent danger to the public prevents sufficient research time to establish the data required to support a full scientific conclusion).

The Rescue Clowns

It is always nice when someone comes to the aid of others, but we were very surprised to learn who recently decided to throw a rope (okay, more like a wet noodle) to Mr. De Motte. None other than silver preacher Jason Hommel, an owner of less than 100,000 shares of Sterling by his own admission (he made his position seem much larger when speaking to his guppies at the Silver Summit 2005). Mr. Hommel says management is not an important consideration for him and that he has done very little due diligence on the companies he invests in, including Sterling. His investment approach is apparently based purely on his ounces in the ground formula, gut feeling and the knowledge that he can never lose while pumping a stock after he buys and dumping before it is removed from his "look at my portfolio" promoted through http://www.silverstockreport.com. Mr. Hommel also informed a certain Sterling shareholder that all promises and assurances by management are really just forward looking statements protected by securities laws, and that "you can't lie about the future" since unforeseen events may prevent you from fulfilling any promises. It says so in the bible, states Mr. Hommel, that thou shalt make no oaths or promises, or something to that effect. Apparently he takes such advice seriously, refraining even from promising his own poor kids that he will be at their 3 o'clock soccer game (his words). For this and numerous other reasons that should be readily apparent to those familiar with Mr. Hommel's work, we can safely ignore his sage advice when it comes to being or acting like a shareholder.

Mr. Hommel, if you are still a Sterling shareholder, you are certainly entitled to a response to this commentary and should you request it, we will provide you with access to the Rebuttal Center and even welcome your shareholder viewpoint featured on the homepage. Regardless of how kooky your opinions, we still think they are valuable because for some reason or another you have built a loyal flock of sheep as you act the role of world's silver stock shepherd. Besides, truth can be relative and often you need dissent to prove a point.
All Good News, No Bad News

Another bad habit Sterling management can't seem to shake is the pomp and circumstance surrounding the addition of every new officer, director or employee which is in stark contrast to the deafening silence upon his or her departure. This is particularly embarrassing when it comes to directors. Whereas for public companies the departure of a director typically warrants a Form 8-K disclosure of material events, not a single word has been disclosed about the departure of at least 3 Sterling directors in the past 2 years. To simply call this bad management is provocatively moronic. If all of this wasn't enough, we recently discovered that Sterling's articles of incorporation require no less than 3 elected directors, the number of which is to be further designated by its by-laws. Well, come to find out that according to by-laws provided by Sterling's Secretary, the number of Sterling directors is to be exactly 5, each of whom must be an owner of at least 100 shares of stock. We don't know about the 100 shares, but we do know that during most of 2004 and part of 2005, Sterling in fact had 6 directors: De Motte, Shiell, Laczay, Waisman, Stephan and Williams!

Ignorance is Bliss

Article I of the aforementioned by-laws also states the following:

"ARTICLE I. There shall be a regular annual meeting of the stockholders on the third Saturday of February in each year at the office of the Company at Wallace, Shoshone County, Idaho, at which meeting members of the Board of Directors for the ensuing year shall be elected."

Oops, looks like just another irrelevant instance of ignoring the rules set up by shareholders for the management of their company. But don't worry, the board of directors and management are following all of the other rules and keeping their noses clean!

This all appears to us as nothing more than flaunting for flaunting's own sake; the willful, reckless and possibly illegal ignorance of corporate policies and procedures because you believe nobody can do anything about it. Given the apparent goings on at Sterling board meetings, we aren't that surprised about such an attitude of invincibility. Without getting into details that might get someone in trouble, we can truthfully report that we are aware of numerous alleged irregularities at Sterling board meetings from disputes involving fat executive severance packages to nonexistent authorizations to enter into contracts and issue stock. While management benavior no longer shocks us, we are simply astounded that the board of directors would permit such circumvention of its duties and a complete mockery of corporate governance.

In Your Face, Dear Shareholder

The last straw for us was the manner in which the special meeting of shareholders scheduled for November 2, 2005 was handled, a meeting at which the board of directors is asking shareholders to approve an increase in authorized capital by 20 million shares, or 100%, to 40 million shares. They do not tell us why they need these shares, they fail to disclose or instruct management to disclose pertinent information necessary for shareholders to make the right decision and they commit several irregularities even in the conduct of the special meeting itself. Perhaps some shareholders can be excused for thinking the worse, influenced as they are by the perspective of being plaintiffs in a federal lawsuit involving alleged fraud and misconduct by several of these very members of management and board of directors.

Regardless, we see an unacceptable situation that must be rectified. This is not a mom and pop corporation with no assets and two shareholders. Sterling Mining Company has perhaps thousands of shareholders, some of who purchased the stock at $14 and have suffered losses of over 80% as of today. Sterling has a market capitalization somewhere around $50 million (which used to be closer to $200 million). And it has a complicated commercial agreement involving a mine that is capable of producing 5 to 6 million ounces of silver per year. To top it off, the guy in charge of it all has a federal complaint for fraud and other misconduct pending against him that might only scratch the surface of his actions with respect to Sterling, since the majority of the charges leveled in the complaint deal with other companies.

Aladin, Hommel hat viel weniger shares als du!!!!

Alles anzeigen

erledigt!

wer ist das edel?
war das nicht ein fahrer bei der tour de france?

ich kenn doch die leute noch nich alle ich werde doch gerade erst goldbug

Goldy, bitte verarsche uns hier nicht, wenn ich lese wie du den ganzen bericht von tschonko zitiert hast und dann dein wort ""erledigt"" zum schluss finde ich eine frechheit, Staudenbrunzer.

Hier gehts um unsere Kohle und Sterling, vastehst`!

Du vertstehst kein wort englisch das ist dein grosses problem und deshalb unsere postings nicht verstehen kannst.
Schau bitte mehr auf die deutschen goldseiten und informiere dich da und spiel wo anders den Kasperl.

Ich finde dein Verhalten nicht mehr lustig, lass Dir was anderes einfallen ich fange nun an zu gaehnen.

Entiendo ?? Capito ???

Gruss

XAX

eldolein bleib mal ganz cool

ganz oben schreib der tschonko @ goldy...
und darauf hab ich geantwortet bekommt man eine frage gestellt dann beantwortet man sie das ist höfflichkeit damit soll man im leben weiterkommen und das du gähnst ändert auch nichts an der sache eldolein

Goldy ich habe dich schon mal gefragt wie alt bist du denn ?.. nie eine Antwort bekommen.

Sorry,

Ich komme mir vor wie im Tierpark Hellabrunn...

""eine goldkette hab ich nun
jetzt bin ich bald ein big goldbug ""

Yeah, funny, very funny !!! ;(....... get a life please !!

Ich sage es hier da du keine PN oder email hast, Anonymer Brunzbua.

Und ich bin nicht dein Eldolein, Birschal geh moal zum Friseer.

15 mal editiert, damits di wieda aufregn koanst wie manch andere hier.

Aladin, goldy,
Basta!

Ich finde das auch ärgerlich.
Goldy, du hast in deinem Thread die Antwort gegeben. Warum nicht deine Antwort hier hereinkopieren. Das mit Kopieren und erledigt, is a bisserl provokativ. Nein, es ist deppat.

Aladin,
ich hab in der Seite da noch ein bisserl gelesen und meine Verärgerung über de motte ist proportional gestiegen.

Kann ja noch jeder weiter aufdröseln.

Lucky Friday,
könntest du das kurz erklären, wie das funkioniert mit proxyvote.com.

Hast du schon mal auf der Seite geblättert und kontakt aufgenommen mit den Leuten.

Nochmals, wir sollten da unbedingt was tun am 21.12.
Und so klein sind wir nicht. lucky kommt hinzu, emoba hat kräftig hingelangt, edelman hat auch was.

Durch solche Kopierereien u. Streitereien kann man dann wieder eine Seite zurückblättern.
Erschwert das Bezugnehmen.

Grüße
tschonko

ich will gern was fundamentales wissen

Tschonko den Proxy kann ich nicht runterladen um es zu faxen.
Da steht erst beim naechsten meeting.

Ich habe die auch angeschrieben und bis jetzt kommt nichts von denen wie man da mitstimmen kann.

Komisch als ich im Forum etwas geschrieben habe bei denen wurde es nicht angezeigt, die legen rein was ihnen passt.

Egal ich rufe meine Bank an, die machen das fuer mich irgendwie falls es ueberhaupt geht.

Ich stimme gegen weitere PP's und fuer die listing bei Amex.

Gegen De Motte kann ich eh nichts machen, es sei denn die machen eine Misstrauenabstimmung.

Der anderen Partei traue ich auch nicht, die Mehrzahl von denen sind vo De Motte persoenlich reingelegt worden bei den PP's die er denen angedreht hat. Klar, die sind die sauer auf ihn.

Mit der mitte liegt man richtig IMO.

Ciao

XAX

Hab da mal ein paar Fragen:
Wenn das PP nicht durchgeht,wie soll dann die Sunshine Mine vorankommen?
Durch das Barones Projekt bestimmt nicht.240000 Unzen sind viel zu wenig um entsprechendes Kapital zu erzeugen.
Wer sind die Leute die hinter savethesunshine.com stecken?Ist ihre Reputation besser als die von la Motte?
Wie wollen sie es anstellen die Situation von Sterling Mining zu verbesseren?
Wie kommt es das La Motte,ehemals als Wunderknabe gelobt,auf einmal ein Gauner sein soll?
Von welcher Anklage gegen ihn ist konkret die Rede?Gibt es sie ueberhaupt?
Ist es nicht eher so das:
La motte hervoragende Arbeit geleistet hat,die Sunshine zuegig voranbringt und auch in Mexico das Barones-projekt schnellstens in Produktion gebracht hat.
Der Kurs von Sterling Mining zwar sehr gelitten hatte,was aber bei vielen anderen Explorern auch der Fall war und ist.
Der kurs erst richtig bergab geht seit gewisse leute versuchen Stirling kaputt zu reden.
Sollten diese sich durchsetzen ist Stirling im Eimer.Die Sunshine wird dann wohl am Ende in anderen Haenden landen.
Dies scheint mir kein Konzept zur Rettung der Sunshine Mine,sondern eines um Kapital daraus zu ziehen Stirling in den Ruin zu ziehen.
viele Gruesse
123

Hallo 123undzurück,
also nichts durcheinanderbringen.
Ich hab nie gesagt de Motte ist ein Gauner.
Aber er hat mit den Erlösen 03 nicht die Sunshine vorwärtsgebracht inclusive listening, sondern sich mit der Baroness beschäftigt, Münzen geprägt etc.
Alles sehr lobenswert, aber jetzt will er eine Kapitalverdoppelung.
Taugt dir das, bist du Aktionär?
Und bitte sei in Zukunft nicht so unverschämt und stell Fragen, wenn du alles selber hier auf der Seite lesen kannst.
Geh auf die Homepage der leute und nimm Kontakt auf, lies dir alles durch usw.
Das hab ich aauch getan, glaubst ich kenn die leute?ß
Ich finde nur, sie gehören unterstützt.
Ich will Reraktionen von le Motte....

Klaro?
T.

Gratuliere zum Kaiser Tschonko, da darf man sich aber nicht aufregen dabei.

Hoechste Zeit fuer Oesterreich, nach dem Franz-Josef uebernimmst jetzt du.

Irgendwie hat der 12345... auch Recht, ich sagte es ja die mitte waere der beste weg.

Bis spaeter, ein Hoch auf Ungarn-Oesterreich !

XAX

Hallo Tschonko
Die wichtigste fbunbeantwortet:Wie soll der Ausbau der Sunshine funktionieren ohne Capital-Erhoehung?
Auch die anderen Fragen die ich gestellt habe sind auf diesem Board nicht beantwortet.Daher wundert es mich das ich unverschaemt sein soll.
Will auch niemandem auf denn Schlips tretten sondern mach mir eher sorgen,da auch ich Aktien besitze.
viele Gruesse
123

Relax 1234.. so wie ich De Motte kenne schmeisst der zu viele PP's auf den Markt fuer seine Kriegskasse/Reisekasse.
Vielleicht geht es ohne oder mit viel weniger um das Projekt zu starten bis man Silber rausholt.
Ich kenne die Startkosten auch nicht, ebenso Tschonko.
Mich stoert das kein SEC Filing gemacht wird und Zahlen da sind um zu sehen wie gesund die ueberhaupt sind.

Gruss

XAX