"" If they can accomplish what they want, using less money ... that would be a good thing. ""
If they can't accomplish what they want or it requires more money ... that would be a bad thing.
"" They have explored less than 2% of the property and have had a fairly consistent stream of at least decent drill results over the last year and suddenly the resource is just going to run out? ""
Their drill results haven't been overly impressive. They can barely generate cash flow (when they are actually paying their taxes) with the mine that they have. How are they going to justify the massive capex requirements to build a new mine on their property? They would probably have a very difficult time ever generating a return on that capex.
"" Jesus, you guys do realize you are investing in Junior mining companies right? ""
Nope. I shorted this junior mining company.
"" The stock went from .50 to 30.00 over a long sustained period...I made a nice profit, wish I had sold more at the top ""
You shouldn't have held on to such an overvalued stock.
"" Their's still a lot of value in this company ""
Sure, but it's much less than its current market cap. Hence the short.
"" Part of the problem with goro is that gold miners fell out of fashion hard. ""
You should avoid stocks that are overvalued while they are in fashion. You sound like a classic momo.
"" Obviously someone has faith in GORO, as 3.5 Million shares were taken Thursday in one Block Transaction. ""
Since a 3.5 million share block is more than 5% of GORO and since nobody has filed any type of 13, I have to assume that this statement by hockey_cfo's is wrong. It's not obvious that the buyers of these shares have faith in GORO. They might be hoping to simply sell the shares off at a value higher than they were purchased.
"" Remember when HockeyLameCFO rallied the SORO dupes to call their brokers and restrict the borrowing of the SORO shares. ""
Ha ha. Yeah, I also remember amedaus posting instructions about this once a day on this board. That was around the same time that he was boasting about the salesmen that were wining and dining him in exchange for his brokerage business. It didn't matter that those salesmen happened to be Etrade or something - amedaus felt like a big shot for the first time in his life and he wasn't going to pass up the opportunity to boast about it.
I also remember telling amedaus to sell some of his GORO stock around $29 in order to pay his son's college tuition bill. I told him that it would be a better investment than clinging to the stock. But instead of loaning his son the money for college himself, he had his son borrow outside money. So, instead of owning a debt security issued to his son, he probably levered up on GORO and got wiped out. Remember how he overtly rejected portfolio theory because of the success he had had putting all of his eggs into one basket? Sad.
"" I think you're too easy on the concentrate issue. ""
It was certainly an issue with respect to the quality of management versus the perception that GORO was trying to create. You're right in that GORO was hyping their own "world class" management abilities instead of being honest about them basically being a start-up.
So, I certainly see the issue as something that damaged their claims regarding quality of management, but I didn't see it as something that directly damaged the credibility of their ethics - unlike many other issues that I've discussed over the years.
"" Bill habit of overselling is very much not one of them. ""
Do you consider "overselling" to be an ethical issue?
"" Jason is truly embarrassed by some of Bill's behavior and intends never to repeat it. ""
Jason seems better than his father with respect to honest communication, but I heard Jason lie over internet broadcast about the cash flow issue at an investor conference when asked about it point-blank by the host. So, while he might be better now, he was part of the problem then.
Look, I'm not saying that THIS is a reason to short GORO's stock now (there are other reasons to stay short). GORO will probably be more honest in their shareholder communications than many other companies going forward in an attempt to repair their damaged credibility with the street.
I think you should temper your enthusiasm regard the success that GORO has booked with respect to Canamex for right now. A $0.10 gain on 22,222,222 shares is a whopping $2.2 million gain in market value. That's less than 1% of GORO's market cap. In fact, even if GORO scores a 10 bagger on this investment it would only translate to $0.40 worth of value on GORO's stock - which would be dwarfed if they continue to have problems with the size of their own resource.
"" There is no question that Bill Reid could have done much better ""
barsolid, you're missing the point of beadhead_bully's excellent post.
Most of us aren't upset about good-faith failures to run a business better. I have no problem with management teams that fail to execute on an open and honest business plan. It's the responsibility of an analyst to properly assess a business plan being transparently/honestly conveyed by a management team.
Most of us get upset with managements that deliberately over-hype and mislead shareholders - ESPECIALLY WHILE SELLING INSIDER STOCK! That's not an issue of competence. That's an issue of ethical behavior.
Btw, this is why I've never written anything derogatory about the internal control issues. In fact, I gave GORO a limited pass on that. Management should have been able to track the product sale chain better than they did, but I don't see this as an issue of unethical values. What's strange is that this is one of the only things that hockey_cfo mentions as something that GORO did wrong. In other words, he has it completely backwards. The bizarro world of GORO Longs will never cease to amaze me.
"" You seem very hateful individual, as does miss Natasha. ""
I hate less-than-honest public company managers. GORO's managers were less-than-honest. I have several examples. People like amedaus and you made excuses for them. Shame on you.
"" I have had many disagreements over the years with the Reids, I just don't post them here, as it does not benefit anyone. ""
What are you talking about? It could have benefited plenty of shareholders that lost money!!! This really captures how sick you are and the lengths you'll go to carry the Reids water for them.
"" In regards to my CFO skills, I run a company and I do not crunch numbers all day, as it appears Nat does ""
What does understanding basic cash flow, listing requirements, etc. have to do with crunching numbers all day. People without MBA's research facts before they post on here in order to post accurately, but you blindly accepted the Reid's disinformation and posted them here as fact. Shame on you.
"" You and Nat seem to have plenty of time to disparage people on public boards ""
Some people deserve to be disparaged. You're one of them.
"" This means that they are not crooks, but instead, inexperienced in certain areas ""
Their disclosure issues were negligent - maybe even criminally negligent since they violated securities laws since many of their disclosures were misleading. Managers of public companies have a fiduciary duty to follow securities laws regardless of how "inexperienced in certain areas" they are. Managers of public companies can't be inventing misleading definitions for accounting terms - definitions that even fool investors that claim to be an MBA and a CFO. Managers of public companies can't be making misleading claims about Canadian exchange listing requirements. Also, managers of public companies should be coming clean about a disastrous quarter during a shareholder meeting that occurs just several days before the end of such quarter.
If these guys were truly ethical, then they would have taken whatever steps were needed in order to prevent the above from occurring. I'm sure they still think that they did nothing wrong. I'm sure they still think that it's perfectly ok to "spin" the truth for sucker shareholders. GORO stock soared because of the Reid's communication spin. This caused people to lose money. How do they not feel culpable for that?
"" At what point would you suggest they retire ""
After it's been made obvious that they screwed up. After it's been made obvious that they were deliberately misleading shareholders. After it's been made obvious that they were providing overly optimistic projections. After the Street stops believing anything they say.
In other words - exactly when they did retire.
"" he stated exactly the above. ""
Companies with illiquid positions always pretend to give a reason for wanting to sell so that they don't #$%$ the market. What are they going to say? "Gee, we think GORO's stock will continue to depreciate, therefore we want to sell." That would cause a panic. So, they provide a cover story so that dupes like you believe them.
hockey_mba, you need to admit that there's not a single story that GORO or anyone else has ever told you that you haven't swallowed hook, line, and sinker.
"" Obviously someone has faith in GORO, as 3.5 Million shares were taken Thursday in one Block Transaction. ""
That could just mean that someone else thinks they could unload the shares at an AVERAGE price above $4.85. It could be a trading firm - it's not necessarily anyone taking a long term bet.
"" In fact, there was a short thesis on this posted in several trade journals. It appears those who bought into this thesis are now going to scramble. ""
The buyer(s) of these shares may simply have thought they they could sell the shares into any short covering that this would cause.
"" We will have to wait to find the buyer when they file their registration statement. ""
Poor hockey_mba still doesn't understand the public markets despite all my efforts to educate him. The company was required to file a "registration statement" (a 424B3) for the selling shareholders. The buyers don't need to file a "registration statement". If it's one buyer, then they will need to file a beneficial ownership reporttype (Form 13D). If no single buyer purchased more than 5% of GORO, then nothing will need to be filed.
"" Further, it puts these shares into strong hands ""
You don't know that.
Also, HOCH is now left with less than 5% of GORO. They can now sell off the rest of their shares under the radar (without filing). If HOCH and the buyer of their recent block are both selling, then look out below!
"" GORO will surprise many here. ""
They've already surprised many here. Do you want to know when? Just look at all the sharp drops in the stock price. Those occurred immediately after the surprises.
"" The dividend is what has most likely buoyed the share price we see today. ""
Gee, then it's a good thing that the company sold so much stock. Money came in one door and went out another.
And it's good to see you admit that the share price is currently "buoyed".
farmer-is-a-tool, I didn't even start shorting it until it was above $100, and I increase my position as something gets more overvalued. However, my advice to you: buy these momo stocks. The timing is great!
"" So ipdaily69, you now have to resort to ad hominem attacks. Your underbelly has been exposed for who you really are... an emotional wreck who is clearly too attached to your losses to have a civil conversation and move on. ""
Ha ha. I'm not sure how ipdaily could have lost money on GORO. He's been speaking the truth about this company since it's stock was well over $20s. ipdaily doesn't seem bitter to me. He seems like he has fun on here.