RE: RE: Maybe no shares in Ursa Major ..... Thank you victor for your recollection vis-a-vis the 13 million shares. This for the retail shareholders in ISM is a good thing i.e. the 13 million shares is worh at least .15 and if converted to NKL will represent a means of cash, if and when needed in the future.
Your additional comments were of interest and I think you were very tactful.
Im my view I wonder if NKL will consider (in the future) if dealing with ISM is worth it or even if they will consider acquiring the nickel lands that are owned by ISM.
But for the time being the 13 million shares in UMJ has real value. Again thanks for your comments.
wallyz
Posted by victor2009
As I recall, ISM indicated they held 13 million shares at a cost of approximately 9 cents. I've noticed no indication that they sold. If they did, it would require disclosure as an insider, and I expect someone on the UMJ forum would have noticed, there are no trades indicated in the "INK" reports, other than an acquisition by Wesley Hall.
Those people that invested in ISM as a mining exploration company have seen the company treasury diverted to a variety of other purposes - including a $6 million low rate loan to a foreign private company, with inadequate collateral. At some point The Dream Team decided that investing in a penny stock producing miner, was better than relying on the acumen of the ISM management team, even if Miller had identified UMJ as poorly managed. I would agree that this rationale is beyond question - but if I was a shareholder, I would prefer to make any penny stock investments direct - not through a company that wipes out potential gains with administration costs and legal fees to defend inane management actions.
Through no fault of his own, Miller has escaped his URSA strategy with a minor gain or loss, after all the costs are considered. He also made a fool of himself, and brought the ability of ISM management into question; but this will not have a serious effect on the company, as his reputation was damaged by his previous track record.