Gee EZ, can't you give that story you and Chavez made up about Belanger's fictional T-Bill policy a rest by now! Even you must realise the story was never a valid criticism.
Sure they raised some cash and at times some of it was in T-Bills; just prudent money management. Better than in the pockets of the management or wasted by stupid spending decisions. This T-Bill story was promoted by Chavez in one of his tirades and picked up by Roy Carson and then by you as being gospel truth. In case you don't realise, most of what Chavez said was BS, and Roy wasn't exactly the most reliable source either. In fact Chavez's accusation was actually aimed at Crystallex and gold miners in general, not Gold Reserve.
GRZ put their spare money into Bolivar Gold in the early days, and made a nice profit when GFI took over. That was clearly an investment in gold mining in Venezuela. On their second capital raising they ordered and paid for a full 70k tpd mill which was paid for in progress payments. Sure, the balance was held in secure instruments until the payments came due, but that was just good money management. GRZ spent over $300 million directly in Venezuela in drilling and engineering and they were also smart enough to keep the expensive equipment out of Venezuela until they got a full permit. The full permit never came so they have sold and are selling that equipment.
GRZ last week did a deal with their bond holders that will settle the debt to everyone's satisfaction and with very moderate dilution, while keeping enough cash on hand to ensure the arbitration and collection of the award can proceed without any financial pressure on the company.
Why you persist is spreading Chavez's BS as if it was fact is beyond belief. GRZ and KRY ran into the same problem in Venezuela. It was called Hugo Chavez. Just because Belanger handled the situation better than Fung is no reason to keep up this charade which you have persisted with for years.
I'm sorry that KRY holders are in trouble but continually attacking GZR and Belanger is just sour grapes.
