As we get geared up for another infamous email-only conference call, by those paragons of transparency (not!) at GORO, I thought it might be nostalgic to go back to the Q3 conference call for some knuckleheadery brought to you by an out of touch President, Jason Reid.
At the time of the conference call the Chief Operating Officer had been working for the company for 8 months.
At 13 minutes into the conference call, in his prepared remarks, President Jason says the following about the Chief Operating Officer, someone who by definition should work extremely closely with and report directly to the President.of the company:
"As you are all aware, we have added to and rebuilt our management team. We are very pleased with our Chief Operating Officer, Mr. Rick Irving, who joined the team in March of this year."
Uh, excuse me, Jason but the name of your Chief Operating Officer is Rick Irvine, not Rick Irving.
Is it any wonder that these out of touch, low golf handicap silver spooners in Colorado Springs got beat out of $3M worth of precious metal down in Mexico last year, likely by one of their own employees?
At least, for image sake, Jason, please memorize the name of this 8 month long executive before you refer to him in front of shareholders. And then you can forget it and get back on the tee.
There's no doubt in my mind a SORO employee was pushing bags of concentrate off the back of the truck. Why not. The "management" team is so out of touch with the day to day operation that "misplaced" bags would go unnoticed for quarters.....and it did. The biggest red flag for me went up when Baby Boy Jason was named President. The boy is completely unqualified for this position and lets be honest, the timeline of ineptitude coincides with Jason's promotion. An undergrad archeology degree, a failed fence post endeavor, and then he gets promoted to President based on his DNA and his ability to create Power Points from first class. The legal problems SORO are entirely Jason's doing....the clever archeologist trying to push the envelope to the edge. Unfortunately his hype has turned into fraudulent misrepresentations. The tape don't lie....under Jason'e direction, output has faltered and the share price has collapsed.But at least Daddy found Jason a hobby. Too bad it's at shareholders expense.
Anyone want a lesson on why to avoid family run public companies, look at Dry Ships. A personal ATM disguised as a public company. I fear the Reids have begun to maneuver behind the scenes and I'm betting they do just fine.