RE: Leigh: They hiring you? Hi Reff,
I am not trying to be difficult, but since the deal was done to become Reliance, I have always felt the "main asset" was the property portfolio and I have been very clear on that. I certainly had hoped that with their history at Robust that the new group was capable of doing a whole lot more than what we have seen thus far and there was reason to believe that would be the case, but it is NOT working out that way to date. I did believe, with the information available, that the new management team would be an asset; however, "IF" it was an asset - at present it is an unrealized asset.
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The "old management" made some mistakes and I was on record pointing out many of them, but I always believed they were committed to making the company work. They put most of the money raised back into the ground, they certainly weren't drawing big salaries, nor were they travelling excessively or extravagently; they also kept the company funded and they always made sure they brought properties of interest into the portfolio.
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At this juncture I would suggest the 2 biggest mistakes made by Mike and Scott were not diversifying beyond La Fortuna sooner than they did and unfortunately doing this deal with Reliance. The portoflio of properties in Reliance, as I have said many times, looks to be excellent - BUT the execution of the operation of the company does NOT.
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My investment in the company has clearly not worked out well and I am NOT trying to argue that in any way, but that investment at $.23 simply should not have been a problem. Management has allowed this to happen / caused this to happen.
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Salut,
Leigh McBain