......" Even the best coach has to communicate with his or her players to win. " there is no question about this being true. In a following post, Snug has addressed this communications question. I really see the communications issue a non event.

To be a winning team, the players ( shareholders here ) must buy into the coaches ( Neil and the BOD here ) plan. This isn't happening.

Now, if this were a sporting team, either the coach would go or some players would go. The owner would decide and if he had confidence in his coaches, some players would go.

But this isn't a sports team where an owner can make these decisions. In this case the players have the say. More important they have a right to their say. So we have confusion in the ranks.

I've favoured consolidation twice and lost twice ( as I see it ). I wrote the first time that consolidation is simple math. You have the same amount of money invested before as after. You do have fewer shares that are worth more. You have lost nothing.

I've read all the arguments and I am sympathetic to what the naysayers argue. Remember, I have money in this company too and I sure as H@@@ do not like losing it. So we are together on that. But you must get past your emotions and let your head rule your heart in this investing business.

We got the float we have to raise money to get where we are. Spider needs money and to get it we must dilute again. Mathimatically, the float is still simple math and we will get diluted again to raise that money. From what number doesn't matter a hoot. One look at the bloated float we have, and most smart investors are reluctant to invest further. The only reason we will get more money ( and the further dilution that comes with it ) is because of the chromite we already have. But you have to realize it becomes much more difficult. Any investor who takes a look at Spider and sees that a large body of shareholders have handcuffed Neil and the BOD, may very well back off.

Dilution may come to us by a different route as well. If our partners, KWG and Cliffs, propose further spending to develop this ore body and we do not have our share, they will continue and our percentage will be reduced. To me, that is the biggest danger we face.

To be a winner, be it sports or investing, the players win by buying into a good plan. The players seldom understand the plan the way the coach sees it., but they must buy into the plan to win. If you do not think Neil and the BOD are worthy of buying into their plan, you should question why you own the stock. Confidence in management is the first rule of smart investing.

Sincerely..........Liz.