On FSN - three points of interest to me re: his point of view.

1) Most important indicator to Keith re: management is their "skin in the game," i.e., both shares and options. I recall Webb has something over 1 million shares or perhaps $150k - 200K (today's value) invested; I also recall that the dropoff to most other management is steep. I do not know the options count for mgmt. Granted, that investment might be a sizeable sum for Webb, but other insiders' sparse holdings concern me somewhat.

2) Barron is a firm believer in a timely sale of the junior to a larger producer which has the experience, funds and expertise in all areas financial and infrastructure. He's very clear on this point.

3) He referenced managers who make comfortable careers out of their developing company at the expense of shareholders. I have no comment to make on this point, but any summary of his views on explorers would be incomplete without including his thoughts.

Strike