That is to transfer shareholder wealth to himself and his cronies.
Now, Tye Burt's fraud has been exposed and class action suits
may cost shareholders additional billions.
Of course TB wouldn't have to cough up the $$... I was simply showing he likely could not give a crap about the pending suit as he has bigger fish to fry (and more expensive libations to wash them down with) knowing full well it's a tempest in a teapot for plaintiff lawyers and douche's like EYT.
He's likely worried about things like reporting / narrative for q1; Ecuador negotiations/narrative; latest Tasiast drill results and narrative; improving his (and hopefully in the process KGC's) image, etc., hopefully with the near term objective of improving lagging share price and avoiding a hostile takeover.
Or maybe he's wishing he'd joined the Secret Service...
I've been a lead plaintiff in a CA before and it is ALL about the lawyers making money. Their insurance paid $75million for the settlement, not the CEO. The company or the insurance company pays the settlement, not the board! I got .03cents on the dollar and the lawyers got their $23 million for about 8 months work. CA's are a joke that is why so many firms rush to get representation, get the best lead plaintiffs, so they can score the big and easy dough. The class period is short, the settlement will be small.
Nice to see I don't have to do the heavy lifting on exposing the douche` that is EYT TRUB any more... thanks guys!
Bottom line is that all major gold producers are willing to pay a premium as they look to replace reserves (particularly when baking in what they deem to be a bullish gold price environment)... TB just took too large of a bite... will he/they pay?? NO, the company will simply settle gents... the average CA settlement is something like $36M - obvious chump-change for a yaht-owning, Louis VIII-swilling guy like our CEO Tye Burt..
The real issue is why do you waste SO much of your time trying to defame Tye Burt? Your yahoo account username is Tye Burt, you continually post your diatribe about Tye Burt, do you think that your opinion has not been heard by all that will listen? What is the use of this redundancy? Don't you have ANYTHING better to do with you time? I pity you and suggest you seek a mental health professional.
No retreat whatsoever. I believe Tye Burt is a felon--just
like I believe Casey Anthony was clearly guilty.
I believe Tye Burt's lack of credibility is why KGC is a
single digit midget.
Good grief are we going to take to court every CEO who has paid too much for a "property?"
Should Microsoft CEO Steve Ballmer go to court because he paid to much of the Microsoft's shareholder cash for its Facebook stake?
Did Oracle pay too much for Java/Sun Microsystems? Probably. Hell, let's charge Larry Ellison and dub him a felon!
In the history of mining how many times has an acquiring company over paid or under paid for a property? I'd dare say it happens all the time! In both ways. The very notion of charging a mining executive for overpaying -- in shares no less -- for another mining property is truly ridiculous. You make your best guess, based on the best evidence/information you have and you roll the dice. A couple years go by and you take a none cash charge against goodwill. Happens all the time. This is standard in the mining business.
Nice to see you in full retreat from your claims that Burt is a felon. That it is now your "guess" that the SEC "will" file criminal charges, depending on the "merits" of the current suits.
Cling to that thought.
In about two maybe three years, we will see if you are right or wrong. That is if the case isn't dismissed. First the ambulance chasers need a lead plaintiff. Last I read they were still trolling.
What a joke!
In the meanwhile, we will see how KGC has done in its Q1 2012 in early May. If we "guessed" well, KGC may report something in the neighborhood of $250,000,000 USD (two hundred and fifty million) in profit for the quarter. A nice neighborhood if you ask me. If KGC can keep up that performance for each subsequent quarter, the share price will take care of itself.
Obviously, the POG will be critical for KGC and all gold mining stocks. Demand out of India will be strong and analysts reckon that demand from China will, perhaps, even compete with India for being the largest gold importer.
"gross financial misrepresentations."
This MUST be true, as, otherwise, the case would have to be that management is abjectly stupid and know little about mine valuation: it's one thing to pay some premium, quite another to have to writedown so much "goodwill" for off the charts, unforeseen development costs, or paying way too much for what's in the ground. Too stupid a move to be credible it was a financial "accident".
But it's another thing to prove this. For instance, do you know of any smoking gun of lies and misrepresentations? And, even if this were the case, a lot more executives get by with this than ever get prosecuted, those prosecuted showcases, usually where a large corporate entity goes down the tubes, along with all sorts of documented lies and manipulations. To compare this to Skilling, in a legal sense, is going out on a limb, unless you have some evidence at least I haven't seen, having reading a good bit about the Red Back fiasco.
Since you obviously did not read the filings, I'll make it simple.
Safe harbor protects the executives from inaccurate projections.
It does not protect the telling of boldface lies and gross financial
My guess is that it will be the SEC which will file the federal
criminal charges at a later date--depending on the merits of
the current suits--i.e. see Jeffrey Skilling.