RE: RE: Presentation is totally misleading A book can be written about this fiasco, "How to totally f*** up a perfectly good opportunity, and get paid well to do it".
Have to laugh though about your "blaming the messenger" newsletter GSI ... they're the only ones that called a spade a spade (Werner) back right after last Christmas, with several public outings of his poor strategy of ignoring Kabba and alienting the shareholders. The writing was on the wall and the letter indeed acted on the issues explained. Good for them, too bad for those on the "slide of hope" that refused to see the signs, or listen to those with blinders on.
I think the following was GSI's postscript to the debacle after liquidating their position:
From: Richard Reinhard's Growth Stocks
Sent: Wednesday, June 13, 2012 9:46 AM
To: Richard Reinhard's Growth Stocks
Subject: GSIList: Bell Copper (BCU-TSXv): Revisited
Editor’s comments: FYI one of our brokers was in contact with Bob Rose, head of D&D Securities. Rose participated for a large part of the $4.5 million
.20 PP and his firm bought another 8,448,500 shares out of the market, valued at $1,288,270 (average cost
.152 per share). He is apparently also voting his shares AGAINST the rollback to send a message to Dr Werner. This seems to be the unanimous consensus.
Asked if they and Stan Bharti’s Forbes Manhattan group stand by to pick up the pieces of Bell or can be proactive in the process of getting Werner out, he apparently stated that they have ~48 companies to deal with and that Bell is not on the immediate priority list.
Our opinion is that if Bell’s CEO Michael Werner gets his proposed 1 for 7 rollback he may attract a financing which would just keep him in place and his golden severance package and attractive pay package intact. Our efforts to muster support to have him voted him out at last November’s AGM received little interest or support. The default option is to simply starve him out, and that seems to be the unfolding scenario. Unfortunately that leaves a lot of continued exposure to him damaging Bell’s underlying assets on the table.
Realistically, Stan Bharti and Bob Ross have been and remain the only individuals in a position to fix the issues, and it seems they have chosen to conduct their battles elsewhere. In this type of market, one must chose one’s battles to maximize the impact of limited resources. So essentially it’s all about Michael Werner and his willingness to let go of the now-dry Bell Copper teat. At the end of the day Bell will be a re-org deal, and hopefully some of its fine assets will be salvageable and form the basis of a resurrected opportunity.
The Model Portfolio sold out of Bell over the last 6 months as we increasingly poked and prodded Dr Werner publicly, and berated his efforts to turn Bell away from the exciting pursuit of the Kabba porphyry prize towards a plodding course to take the indebted La Balsa project into Final Feasibility. We thought that to be a potentially terminal decision as far as shareholder support went, and the share price was concerned, and so it was. Such ill-conceived strategy and failure to understand the shareholders’ investment aspirations were critical mistakes, compounded by not being able to even complete the La Balsa Final Feasibility.
Burning through the raised $4.5 million with little to show for it, and simultaneously putting on hold the one asset shareholder’s bought in for and thereby creating sellers out of potential supporters … brilliant.