I've been quiet on the subject because Noront (NOT.v) isn't anything LatAm, but the quote from ousted NOT.v headguy Richard Nemis just about sums up what I think of the new board at the company that includes Patrick Albatross Anderson, destroyer of shareholder value at Aurelian and Colossus Minerals.
Richard Nemis said in Canada's Globe & Mail that the ex-Aurelian managers
"certainly would not have been my first choice," for board seats because Aurelian shareholders
"got shafted" in the Kinross deal.
Well said, Richard. The world of retail investors is waking up to the fact that management is every bit as important as projects for a junior miner. Mediocre, self-centred and self-serving arrivistes such as Anderson need to be called out. He thinks he can just waft in and take over one of the most exciting mine projects in Canada after the stunt he pulled at Aurelian and not be the centre of well-deserved vitriol? You have to be joking, Albatross!
How Ari Sussman must be regretting his decision to add Albatross to the Colossus BoD. After the latest NOT.v mercenary act from Anderson, I wonder how long it will be before Sussman (a guy with a decent reputation) decides to issue the "we thank Patrick for the contribution he has made and wish him the best in........." press release?
CSI.to (Anderson joined early September)A final word; the last time I mentioned
the albatross was in this post. A few days later I got a mail from a person in the mining world that said
(words to the effect) that it wasn't very fair of me to keep attacking Anderson, and that it wasn't a way for me to make new friends.
You see, dear reader, that's how the insider's club of junior miners keeps itself going.
"You want to make money with us? Well stop the badmouthing, be a good little boy and then we might let you join." All I can say to that person is,
"Expect more on Anderson and his type at this blog, because I really don't need any new friends, and I certainly don't need the soiled money." I wrote back to that person and said that if Anderson wants to spend the rest of his life as a geologist and bang rocks together, well that's fine by me. But he has decided to cross the line and become a business-oriented CEO/director and is now fully and clearly in the world of finances, money and shareholder responsibility.
So far Patrick Anderson has done nothing...
absolutely nothing...to warrant the trust or praise of anyone outside the small, self-interested mining clique. He's in my world now, the world of
looking after shareholders. And I'll be damned if I'm going to put up with people like him snatching money away from the people he should be caring about for the next twenty years.
Got it?
Related PostColossus Minerals (CSI.to) and "The Anderson Effect": An update
So far Patrick Albatross Anderson is on schedule at Noront (NOT.v). After being part of the proxy slate that bullied its way onto the BoD, The Albatross has managed to knock 25% off the value of NOT.v shares in just 12 trading days.
But that's the hors d'oeuvres when it comes to the magical powers of The Albatross, and today he and his pals hit the little guys with a classic Canadian screw the lil guy special. Noront has $25m or so at bank which is enough to fund its operations through 2009, but that hasn't stopped the new BoD from announcing a non-brokered (i.e. their pals in 'the houses' are already lined up with the cash) placement at $0.80 (virtually the 52 week low....nice time to get your pals on board) that will add 25m to the shares outstanding. Oh, and then there's the little matter of the 1.8m options at $0.80 that the new BoD thinks it deserves after a full 12 days of hard work.
Beats banging rocks together for a living, eh Patty? Oh, and by the way Colossus Minerals (CSI.to) is at its 52 week low. Ain't no stopping The Albatross.
