Silber Companies - Liste und Neues

  • timesystem,
    die 600 t oz Gold sind auch nicht schlecht.
    Ist aber alles noch verbuddelt.
    Hat dann doch die Sau gekratzt.... :D
    Bin wenigstens froh, dass ich sie gestern nicht geschmissen hab...


    Starke grades:
    Endeavour Silver Discovers Several New Zones of High Grade Silver Mineralization on San Pedro Properties in Guanacevi, Durango, Mexico, Including 6,680 gpt Silver and 11.2 gpt Gold Over 1.15 m
    Wednesday June 18, 10:30 am ET
    VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jun 18, 2008 -- Endeavour Silver Corp. (Toronto:EDR.TO - News)(AMEX:EXK - News)(DBFrankfurt:EJD) announces that exploration drilling on its San Pedro properties in the Guanacevi silver district of Durango State, Mexico has encountered several new zones of high grade silver mineralization, including 6,680 gpt silver and 11.2 gpt gold over 1.15 m in drill hole EPS3-1.



    Endeavour has drilled 12 holes to date on the San Pedro (see news release dated December 12, 2007) and adjacent Milache (see news release dated November 27, 2007) properties. These properties were recently acquired by the Company in the north end of the Guanacevi silver district in order to consolidate Endeavour's land-holdings and boost its silver resources near Endeavour's core operating silver asset, the Guanacevi Mines project in Guanacevi.
    Seven of the 12 drill holes intersected economically interesting silver mineralization in five separate target areas spread over a 3.0 km x 1.5 km area at San Pedro. Each of the five target areas is wide open for expansion. Several of them may in fact be different portions of one large mineralized vein/manto system that appears to underlie much of the San Pedro area.........................


    http://biz.yahoo.com/iw/080618/0408243.html

  • Die matchen sich ganz schön, die bei genco.....
    Wär ein interessantes Match, wenn sie bei der EM dabei wären....


    diesmal wieder Anderson:


    Genco Resources' Largest Shareholder Brings to Public Attention the Resignation of Leslie Goodman From the Genco Board
    Tuesday June 17, 7:53 pm ET
    VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jun 17, 2008 -- James R. Anderson, a former Board member and, together with his spouse, the largest shareholder of Genco Resources Ltd. of Vancouver, brings to public attention the resignation today of Leslie Goodman as a director of Genco Resources Ltd.
    "It is indicative of Genco Chairman Robert Gardner's attitude toward full, plain and true disclosure that he buried the news of Mr. Goodman's resignation on line 92 of a 120-line news release that mostly was intended to criticize me and the facts I put forward in my shareholder information circular," said Mr. Anderson. "It is also indicative, but no longer surprising, that Gardner disclosed no reasons for Mr. Goodman's resignation. Gardner set the pattern when he failed to issue a news release for my resignation on May 21, 2008. Instead Gardner mentioned it in passing, and with no reason given, on page 23 of a 30-page circular filed 12 days after I resigned. Shareholders of Genco deserve better disclosure than this, but improvement will come only with a change at the Board level."
    "This buried cryptic release raises a lot more questions than it answers, considering that a director resigned in the middle of a hotly contested proxy fight, supposedly for no reason sufficient to share with the public. Shareholders should be asking questions, like the following:
    - Why did Mr. Goodman resign?
    - Does Mr. Goodman approve of Gardner's June 13, 2008 letter to shareholders which makes repeated references to "Your Board" and implies that the Board approved the letter?
    - Does Mr. Goodman support Gardner's corporate governance?
    - Does Mr. Goodman approve of present executive pay?
    - Does Mr. Goodman approve of present mine management in Mexico?
    - Does Mr. Goodman want changes to the Board of Directors?
    - Is Mr. Goodman still standing for election on management's slate?
    "Shareholders don't know because we are not told, but I would doubt that Mr. Goodman was pleased with the way Gardner, Blankstein and Smith are operating."
    Concluded Mr. Anderson, "I respect Mr. Goodman's decision to resign from the current Board and look forward to working with him and the three remaining independent members of the current Board if my slate of three Shareholder Nominees is elected. It is crucial for all shareholders to vote if we are to succeed in removing Gardner, Blankstein and Smith."
    As previously disclosed, Mr. Anderson filed a Shareholder Information Circular with Canadian securities regulators on June 10, 2008 and initiated a proxy solicitation process with the objective of replacing Robert Gardner (Chairman), Gordon Blankstein and Brian Smith as members of Genco's seven-person Board of Directors. The election will take place at the Annual meeting on June 26, 2008. In addition to Mr. Anderson, the Shareholder nominees are Lyle Weismantel and Charles Schroeder. For more details, investors should read the Shareholder Information Circular and related information at www.savegenco.com.
    About James Anderson
    A resident of Sioux Falls, South Dakota, James R. Anderson is a former Board member and, together with his spouse, is the largest shareholder of Genco Resources Ltd. Mr. Anderson and his spouse own 5 million Genco shares, equivalent to 12.2% of the shares outstanding. He has been a purchaser of shares since 2005 and has never sold a Genco share.
    Mr. Anderson is the founder, sole shareholder and Chief Executive Officer of Tennessee Eastern Gas and Oil Company and Southwestern Mineral Leasing Company. Anderson's two companies conduct business in eight states across the United States and are involved in oil and gas exploration and production, and the purchase and leasing of mineral land. Mr. Anderson earned a Bachelor of Science Business degree in 1971 and a Juris Doctor degree in Law in 1974, both from the University of Minnesota, after which he practised as a general commercial litigator up until 2004. Mr. Anderson served on Genco's Board from July 3, 2007 until May 21, 2008, when he resigned following his strong disapproval of $1 million in retroactive bonuses that Robert Gardner and Gordon Blankstein had proposed to award to themselves ($500,000 for each) while they controlled the Board's Compensation Committee.
    Mr. Anderson is one of three shareholder nominees for the Genco Board. The other two shareholder nominees are two long-time colleagues of Anderson: Lyle Weismantel and Charles Schroeder. Weismantel is a banker with more than 40 years of experience, including ten years as President and CEO of a Bremer Bank in Minnesota. Schroeder, a geologist and entrepreneur, has more than two decades of experience in resource development and owns two oil and gas companies. These successful businessmen will strengthen Genco's Board and bring a much-needed drive to improve shareholder value.
    You can learn more about all three shareholder nominees and the reasons for the proxy contest by reading the Shareholders' Information Circular or by visiting www.savegenco.com.
    Voting your YELLOW proxy
    Genco shareholders are asked to complete and return the YELLOW proxy so that much needed change can take place at Genco Resources Ltd. Your vote is important - please vote your YELLOW proxy today. Proxies should be completed in accordance with the instructions on the YELLOW proxy.
    Your YELLOW proxy should be returned prior to 11:00 a.m. (Vancouver time) (being 2:00 p.m. (Toronto time)) on Monday, June 23, 2008, in order to be deposited with the Company in time to be used at the Meeting.
    For assistance in voting your proxy, please contact Laurel Hill Advisory Group at 1-888-268-4498.

  • Hallo Tschonko, heron


    alles ist unten, was auflesen?


    CMA auf diesem Niveau oder EXM aufstocken.
    Oder was hat die besten Reboundchancen...


    Güße


    Silbernugget

  • timesystem,
    das kann man meist erst später sagen, was das beste gewesen wäre.... :D
    Das ganze Procedere ist nicht so schlecht, weil sie Feuer am arsch haben. Das stärkt ja bekanntlich die Arbeitskraft... :D


    @eldo,
    so kann man das auch rechnen bei der Sabina. aber schau mal, was sie gekauft haben für 1,65.


    Nugget,
    kann ich dir keinen Rat geben.
    Und wenn, dann müsstest du zur Zeit das Gegenteil machen... :D



    Auch einer der gefallenen Engel: Wenn man nur fliegt.....
    Zumindest haben sie nun einen eigenen Drill. Das ist schon was.
    Das letzte jahr wurde ohne Drillen verplempert.
    Riesige Landflächen neben bestehenden Minen.
    aber keine rindviecher drauf sondern nur drinnen. Ich auch. :D


    Garibaldi Completes State of the Art Fixed Wing Hyperspectral (Alteration) Mapping Survey in Mexico's Sierra Madre
    Thursday June 19, 9:00 am ET
    VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jun 19, 2008 -- Garibaldi Resources Corp. (the "Company") (CDNX:GGI.V - News), is pleased to announce that it has successfully completed one of the largest fixed wing hyperspectral surveys ever launched in the Sierra Madre. The objectives of the survey were to define the alteration signature of epithermal style gold and silver deposits that characterize the most recent discoveries in Mexico and to complete a detailed assessment of the Company's eight district scale exploration projects.
    The Company has built strategic partnerships with MacDonald Dettwiler and Associates (Toronto:MDA.TO - News), HyVista Corporation Pty Ltd. and several U.S. and Canadian based consultants and management is expecting preliminary results of the hyperspectral survey to be available within the next few weeks. Satellite Aster-Swir imaging initially identified Garibaldi's El Indio target at Morelos in southwest Chihuahua State. New soil geochemical results have defined a 100 to 200 meter wide zone of elevated gold, silver and base metal values that extends for more than 1200 meters to the southeast of the previously defined limits. Geochemical data combined with hyperspectral results will be used by Company geologists in targeting the next series of drill holes at El Indio. The program at El Indio will be carried out with the Company owned NQ diamond drill.
    About Garibaldi: Garibaldi Resources Corp. is a next-generation exploration company utilizing newly emerging technology to generate acquisition targets in large under explored historic mining districts in Mexico's Sierra Madres that exhibit evidence of hydrothermal alteration typical of recently discovered epithermal style deposits.
    About Macdonald Dettwiler: MacDonald Dettwiler and Associates Ltd. ("MDA") of Richmond, B.C. (www.mdacorporation.com) provides advanced information solutions that capture and process vast amounts of data, produce essential information and improve the decision making and operational performance of business and government organizations worldwide. MDA is the developer of the Space Shuttle's Canadarm and most recently was instrumental in developing technology for NASA's Phoenix Mission to Mars.
    GARIBALDI RESOURCES CORP.
    Steve Regoci, President

    "Confusion is a word we have invented for an order which is not understood." Henry Miller

    2 Mal editiert, zuletzt von Tschonko ()

  • Nicht uninteressant...
    Tara Minerals Corp. on Track for Production Start-Up From Don Ramon


    @Silbernugget
    Explorer haben es zur Zeit nicht leicht, da warte ich erst mal ab. - Die Frage ist, wo sich jetzt was tut. Zum Beispiel bei PZG, wo die neue Resourcenschätzung in den nächsten Tagen ansteht, das dürfte das zwei- bis dreifache der alten werden. Oder RCT.V, da kriselt's gewaltig wegen massiven Problemen bei der Produktion, die man aber in den Griff bekommen sollte. Oder auch GGC.V, wo zur Zeit keiner weiß wie's weiter geht und somit auch keiner kaufen will...


    VG heron

  • Eldorado


    Wie siehst Du Bear Creek, MK 275 Mio CAD (Fully) bei geplanten 22 Mill. Unzen Silber in den ersten 2 Jahren plus Äquivalent.. :hae:
    Habe ich das richtig verstanden, wäre ja phänomenal... Gingen ja tatsächlich von 0,66 CAD auf 11,54 CAD in 1,5 Jahren... :wall:
    Irgendwann finde ich sowas auch mal.... :thumbup:

  • Hecla hat nun angesichts der politischen Unwägbarkeiten die Gold-Property La Camorra an Russoro für 25 Millionen $ verkauft. Offensichtlich kann eine Minengesellschaft mit russischen Interessen deutlich robuster auftreten in Hugos Reich - ein solcher Deal könnte noch Schule machen.
    Man beachte bitte auch den Riesenverlust durch Wechselkursverluste in der Höhe von 14 Millonen $. Es gibt eigentlich nichts, was in dieser Branche nicht passieren könnte, da kann man so lange analysieren und hochrechnen wie man will...


    Hecla says adios to Venezuela as Rusoro agrees to buy La Camorra gold unit


    Through its decision to buy Hecla’s Venezuelan assets, Rusoro Mining hopes to mine 220,000 ounces of gold this year from its Venezuelan operations.


    Author: Dorothy Kosich
    Posted: Friday , 20 Jun 2008


    Deciding to hang tough and hopefully reap from benefits despite Venezuela's increasingly hostile foreign business climate, Russian-Canadian junior Rusoro Mining agreed to buy U.S. silver miner Hecla's La Camorra unit in a $25 million cash and stock deal.


    As Venezuelan Minister of Basic Industries of Mining Rodolfo Sanz yet against raised the possibility of rescinding the La Camorra concession this week, Hecla announced it would sell its Venezuelan subsidiaries to Rusoro for $20 million in cash and 4,273,504 shares of Rusoro common stock.


    In a statement, Hecla President and CEO Phil Baker said, "The sale of our Venezuelan properties is part of our strategy towards reducing the financing put in place to acquire Green's Creek. Prior to this transaction, Hecla repatriated approximately $39 million in cash that generated a $14 million foreign exchange loss. The transaction generates immediate cash from both the sale of the assets and the repatriation of $25 million of our cash from our Venezuelan subsidiaries."


    Since Hecla carries the Venezuelan properties at a book value of $39 million, the transaction is expected to result in a pre-tax loss on the sale in the range of $10 million to $12 million. The $14 million foreign exchange loss will be reported in second quarter results.


    http://www.mineweb.co.za/minew…age34?oid=55072&sn=Detail
    grüsse
    auratico

  • auratico,
    hat Hand und Fuß, was Hecla macht.



    Victoria Reports Further High Grade Gold Results From Cove-McCoy: Hole NW-8 Intersects 9.1 m (30 feet) Grading 13.89 g/t (0.403 oz/ton)
    Friday June 20, 8:30 am ET


    http://biz.yahoo.com/iw/080620/0409047.html


    naja, mäßig!






    Garibaldi JV mit Paramount: das Beste, was sie machen können. Weil da kommt etwas geld rein.


    Garibaldi to Joint Venture 30% of Temoris Project
    Friday June 20, 9:00 am ET
    VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jun 20, 2008 -- Garibaldi Resources Corp. (the "Company")(CDNX:GGI.V - News), is pleased to announce that it has signed an agreement with Paramount Gold and Silver Corp. (Paramount) (AMEX:PZG - News)(Toronto:PZG.TO - News) to form a joint venture agreement with respect to 17,208 hectares of Garibaldi's Temoris Project in Chihuahua State, Mexico.The attached map outlines Garibaldi's holdings in the area and the portion subject to the joint venture: http://media3.marketwire.com/docs/ggi620map.pdf.



    As part of the transaction, Garibaldi will provide Paramount with its geologic data, including the results of its recent regional hyperspectral airborne survey. Paramount will be the exploration manager under the joint venture.
    Steve Regoci, President and CEO of Garibaldi said, "With Garibaldi controlling eight large scale projects in Mexico and a dominant land position at Temoris, this agreement with Paramount will significantly accelerate the development of this world class silver district."
    Paramount has made an initial payment to Garibaldi in the amount of US$100,000. Paramount will earn a 50% interest by making an additional payment of US$400,000 and issuing 600,000 restricted common shares, both on signing a definitive agreement, and spending US$700,000 on exploration within 15 months thereof. To increase its interest to 70%, Paramount must spend an additional US$1,000,000 in exploration expenditures within 30 months, make an additional payment of US$500,000, and issue an additional 400,000 restricted common shares.
    Upon earning a 70% joint venture interest, Paramount may increase its interest to 80% within 30 months of the signing of the definitive agreement through payment of US$500,000 in cash or shares, exclusively and limited to the approximately 6,657 hectares referred to in the October 6, 2006, agreement.
    About Garibaldi: Garibaldi Resources Corp. is a next-generation exploration company utilizing newly emerging technology to generate acquisition targets in large under explored historic mining districts in Mexico's Sierra Madres that exhibit evidence of hydrothermal alteration typical of recently discovered epithermal style deposits.
    "Safe-Harbor" Statement: This press release contains forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company may not be realized. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially.
    GARIBALDI RESOURCES CORP.
    Steve Regoci, President



    Und immer wieder Genco: brrrr.... :D



    http://biz.yahoo.com/ccn/080620/200806200469790001.html?.v=1
    grüße
    Tschonko

    • Offizieller Beitrag

    ...der schauerliche Kursverlauf von Exmin.
    Der bizarrste weit und breit.


    Daran denkend, daß EXM kurzzeitig eine der Schwergewichte im Depot war,
    bevor mit StopLoss die Notbremse eingrff......


    EXM ist nicht allein verprügelt, nur eben besonders krass.
    Dabei habe ich seit Monaten auf Wiedereinstieg gehofft.
    Aber: Gibt es hier überhaupt Hoffnung ??


    Genau so rätselhaft:
    Habe in meinem Depot mal eine Anzahl PM- Aktien geprüft:


    Depotstruktur


    Auffallend die relativ große Schwäche der Silberminen.
    Lediglich ORKO konnte nach diesen --subjektiv definierten--Kriterien bestehen.


    Grüsse

  • EXM ist jetzt wieder dort, wo es Jan 06 war.
    Gibt es Hoffnung?
    Antwort: http://www.exmin.com/
    Properties.....


    Erstaunlich: TLR (Timberline) fiel ohne Meldung um 20%.
    Die company ist werthaltig.


    CDE stieg ohne Meldung um 11%.


    Auch SST gab stark nach. Erstaunlich....


    Ansonsten: es ist einfach viel geld davongelaufen aus dem sektor und das wird sich nicht so schnell ändern.
    Nur wenn wirklich gute Meldungen kommen.


    Man sollte auch zwischen Zocks und Invest unterscheiden.
    Ich zock halt mal gern. Siehe EXM. Für meinen geschmack hier zu hoch gezockt.
    Invest: Wo auf Grund der Werthaltigkeit der Besitztümer im Verhältnis zur MC die Chance besteht ohne frisches Geld zu überleben.
    Ist ja fast a definition word´n.... :D


    So jetzt Fußball: die 2 Maqnnschaften mit der modernsten Spielauffassung. Hoffentlich auch ein attraktives Spiel.
    Schon wem aufgefallen, dass die Russen in perfekten Dreiecken spielen?


    Grüße
    Tschonko

    "Confusion is a word we have invented for an order which is not understood." Henry Miller

    2 Mal editiert, zuletzt von Tschonko ()

  • Tschonko


    das mit den Dreiecken, da hast Du recht... und damit haben Sie auch gewonnen..., gab immer eine Anspielstation (mehr).. hochverdient.


    SST.V , den Rückgang fand ich auch beachtlich, wobei 10,5 Mill. Warrants (für 2,10 CAD) plus 2,1 Special Warrants plus 5,6 Mill. Optionen
    (Durchschnitt 1,75 CAD) ausstehend sind... kann nirgends die "Termine" finden :hae: aber hatte - auf der Grundlage- schon lange mit tieferen Kursen gerechnet, irgendwann schreien die Verkäufer (Produzenten, die Ihre zukünftigen Silber(abfälle) für 4 Dollar verkauft haben): "Ich will sehen..." und alle Kurse über Preise der Option/Warrant ist Gewinn!!


    bei GGC juckst mich in den Fingern um die Kauftaste zu drücken, aber der Sommer ist noch lang. :sleeping: ,


    Deine Definition von "Invest" ist interessant, doch wer kann (zumindest längere Zeit) ohne Cash-Zufuhr überleben, doch nur Producer
    mit substanziellen Cash-Flow..., wer fällt Dir da ein? Ausser die "Ganz Grossen"....

  • Timesystem,


    sind ja eigentlich sich ständig wandelnde Dreiecke, meist mit 5 Mann (Kein Widerspruch!), damit eine perfekte Raumaufteilung.
    Sie haben aber massive Probleme bei ruhenden Bällen von der Seite....


    Die Taktik von Hiddink war exzellent. Dem Bronkhorst hat er Saenko hingestellt. Der schwächere, offensiv harmlose rechte Verteitiger durfte frei spielen. Und über seine Seite kamen die meisten Angriffe. Der eingewechselte Heitinga war da auch etwas überfordert.....Ein Genuss!




    Wer mir da einfällt? Zur Zeit niemand aber einige sind auf gutem Weg.


    FR.TO, CBE.V, TLR, IPT.V.


    http://www.goldreview.com/news/ZihlmannInvest/1213207229.php auch sehr optimistisch, was die oz angeht.


    http://www.timberline-resources.com/main.php?page=64


    da wird wirklich interessant, wie die neu erworbene Drillinggesellschaft zum Gewinn beiträgt. Aber zur Zeit noch im Downmove.
    Da könnt ein echtes Schnäppchen heranwachsen. Hab ich nicht.


    SST: könnte wirklich mit den warrants zusammenhängen.


    GGC: altes Management wird bleiben. Sicherer den 26. abzuwarten. Man kann aber auch spekulieren.
    Was machen die Verlierer???


    Grüße
    Tschonko

  • GGC: altes Management wird bleiben. Sicherer den 26. abzuwarten. Man kann aber auch spekulieren.
    Was machen die Verlierer???


    Genau das frage ich mich auch? :hae: So'n Grossaktionär kriegt dann mal eben schlechte Laune... :wall:
    Hatte heute e-mail Kontakt mit P.Zihlmann wegen GGC, der ist sich auch nicht sicher, Genco ist sehr preiswert , wie viele andere, Diversifizierung bleibt das A und O. :thumbup:

  • EDR.TO hab ich vergessen.


    Man könnt GGC auch verkaufen und abwarten, was passiert. Vor allem wenn man 08 gekauft hat wie ich.


    Bei TLR ist die Bewertung extrem schwierig. (Kauf teilweise auf sharebasis, die sind noch nirgends drinnen. Debt?)


    Outlook for Silver:
    http://seekingalpha.com/articl…k-for-silver?source=yahoo


    Grüße
    Tschonko

  • Vancouver Sun Artikel: http://www.canada.com/vancouve…02-450d-b22c-c884eeb91024




    Genco proxy battle draws early blood


    David Baines, Vancouver Sun
    Published: Saturday, June 21, 2008A proxy battle is raging at Vancouver-based Genco Resources Ltd. The outcome won't be determined until the company's annual general meeting next Thursday, but already there's a lot of blood on the floor.
    Most of the blood belongs to incumbent directors Robert Gardner, a well-known Vancouver lawyer and Queen's Counsel, and Gordon Blankstein, a long-time Howe Street promoter.
    The dissident shareholder is James Anderson of Sioux Falls, N.D. He owns (through his wife Karen) five million, or 12.2 per cent, of the company's outstanding shares, making him the company's largest shareholder.



    Anderson became a Genco director in July 2007, but resigned in May this year. He says he quit because Genco's shares, which trade on the Toronto Stock Exchange, have been flagging due to "poor mine management and weak corporate governance practices, including excessive compensation and disturbing conflicts of interest at the board level."
    He's trying to persuade Genco shareholders to oust three of the seven directors -- Gardner, Blankstein and former B.C. attorney-general Brian Smith -- and replace them with himself, Texas geologist Charles Schroeder III, and Minnesota banker Lyle Weismantel.
    The existing directors say Anderson's motive is to "hijack" the company without buying any more shares. They claim the company has made good progress toward developing its mineral properties in Mexico and the stock has made big gains over the past five years. They reject any suggestion they have not practised good corporate governance.
    The issues are copious, complicated and contentious. Fortunately, two independent firms who specialize in corporate governance matters have weighed in with their own summaries and conclusions.
    ISS Governance Services says a "key" issue for the dissident slate is the compensation afforded Blankstein, a non-executive director, and Gardner, a non-executive director and chairman.
    They each have consulting agreements with the company that call for monthly payments of $12,000 US, plus bonuses up to $250,000 US, plus profit participation. ISS said this compensation is "generally higher" than most comparable companies.
    It also said the consulting agreements "appear to have been negotiated while the compensation committee was effectively controlled by Blankstein and Gardner," which constitutes "a major breach of fiduciary duty to shareholders."
    "From a corporate governance perspective, these actions are totally unacceptable for a TSX-listed issuer," it added.
    Anderson also alleges Blankstein and Gardner negotiated the purchase of a 65-per-cent interest in a mining company called Chief Consolidated Mining Co. for $4.9 million without telling the independent directors, then committed to sell the property to Andover Ventures Inc., which is controlled by Blankstein, Gardner and Smith, creating undisclosed conflicts of interest.
    ISS said this related-party transaction "raises questions about the appropriateness of the company' internal controls and processes."
    On the other hand, ISS said Genco has made "significant progress and management has a reasonable strategy in place." It also noted that two key executives have threatened to quit and incumbent directors have not committed to stay if the dissidents succeed, which could undermine the board.
    "We are concerned that the potential small size of the dissident board may not have the breadth and experience and skill sets the company requires."
    It concluded: "After carefully considering the arguments on both sides ... we have decided to support management. However, we are seriously concerned by the allegations against Blankstein and Gardner. ... We recommend withholding votes from Blankstein, Gardner and [Richard Hughes, the third member of the compensation committee]."
    The other corporate governance firm to weigh in on the proxy battle is Glass Lewis & Co. It said Anderson "has succeeded in raising valid concerns" about the performance of the company and its share price.
    "In addition, we are troubled by many of the company's corporate governance practices, such as consulting agreements with directors and an excessive number of board memberships held by its directors." Hughes and Gardner sit on the boards of numerous public companies.
    But it said existing management has "more and better information" about the company's operations and "should be given the benefit of the doubt regarding its strategic business decisions."
    However, it recommended shareholders withhold their votes from Blankstein and Gardner. It agreed that some fresh faces on the board would be beneficial, but three dissidents would be too much. It therefore recommended voting only for Schroeder, who it deemed to be the most-qualified dissident candidate.
    Although neither of these reports represent a victory for the dissidents, they represent a real slap in the face for Blankstein and Gardner.
    I must say, I'm not surprised. Neither are strangers to controversy. Both (along with Smith) were heavily involved in Vancouver-based Getty Copper Inc. in July 2004, when it was raided by RCMP who were investigating a non-arm's length property transaction.
    The RCMP investigation never went anywhere, but lawsuits began flying. Almost all the key people in the company, with the exception of Smith, were named in claims or counter-claims. A lengthy trial ensued, but ultimately all the claims were settled out of court.
    Then there was Global Light Telecommunications Inc. and Highpoint Telecommunications Inc., two fibre-optic companies run by Blankstein with Gardner's assistance.
    Genco's proxy circular notes that "Blankstein is a venture capitalist who has raised well in excess of a billion dollars for numerous companies, many of which he helped build into successful enterprises."
    What the circular doesn't say is that Blankstein raised about $650 million of that money for Global Light and Highpoint, most during the telecom bubble. Both became bankrupt after the bubble burst. The shares were delisted and shareholders were wiped out.
    These companies still rank among Vancouver's biggest stock market busts. There were numerous other, smaller flops. Genco shareholders might want to review these matters before casting their votes Thursday.
    dbaines@png.canwest.com


    © The Vancouver Sun 2008

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