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Message: Re: What can $1000 buy?...update

Actually, SFMI has been buying back stock with a portion of revenue as planned, as can be seen in the recent filings. But that pales in comparison to the recent unconscionable dilution. Say SFMI had $1M in revenue in the last quarter. 15% of that (the amount supposedly used for the buyback) is $150k, or 5M shares at .03. That doesn't make a dent in the 100s of millions of shares paid out to PQ, CQ, and DQ who all got huge increases and had their salaries prepaid by issuing huge amounts of stock at what presumably is the low price. Especially galling is the increase for CQ who in any other mining company would have been fired for the dismal performance of the mill. Not to mention prepaying the rent to GHDC using stock which then also went to PQ, CQ, and DQ to pay for their salaries over there (including raises). Aside from the obvious, a big question is why the big salaries to run GHDC? As far as I can tell, there's nothing to do there except collect the money (or shares) and renew the claims. And they effed that up.

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May 15, 2012 02:07PM
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