Welcome To The Inspiration Mining HUB On AGORACOM
The company is exploring for nickel deposits on its Langmuir property near Timmins, Ontario; for nickel-gold-copper on its Cleaver and Douglas properties; and for molybdenum and rare earth elements at recently acquired Desrosiers property.
Message: What happened to the Texan
Another interesting topic by Victor at the other site
"The question of what happened to the Texan is an interesting one that has been asked before, but never answered. Allen Mann's appointment is similar to a number of chapters in the ISM book. The chapters open with much fanfare that the Dream Team must think will pacify those unfortunate enough to hold shares in the Randy Man's conglomerate. But chapters aren't closed with input from the Dream Team. When the chapter eventually comes to an apparent end, the public is left dangling, with no explanation as to why the glorious result that was promoted at chapter opening did not materialize. The public must decide for themselves why the Dreams of Glory turned into a nightmare.
Allen Mann is a typical example - after being named to the Dream Team as "Director of Operations" on April 21, 2008, he disappeared from sight, as far as ISM is concerned. To my knowledge there was no further mention of his activities or departure. So each interested follower must write his own version of the chapter. Some might think that the Texas group of investors had become upset with the performance of their Canadian leader, and pressured the appointment of a Texan overseer to rescue them. If this was the case, the power struggle that might have been involved must have ended in the Randy Man's favour. Or did the Texan with corporate experience take a look at operations and decide there was nothing to direct, and went back to Texas? Whatever happened it seems the Dream Team did not think it was something that required explanation to the shareholders.
There are many other similar examples - another Texan shareholder that used to wow this forum with his supposed mining knowledge was the principal in the company that was engaged to supplement the "extensive" Investor and Public Relations services provided by Gale Capital. The launch of this chapter opened with fanfare, but when the project never got off the launchpad, the chapter again ended with no comment from the Dream Team. There also were a few come and go Directors over the years, with appointments publicized, and departures going unannounced. Also the company geologist [Kian] suddenly ended his engagement with ISM, without an announcement or explanation from ISM. We can only guess whether the departure was related to the long overdue Langmuir economic study, or was it the lawsuit [still not settled?] between Kian and ISM disputing ownership of an ISM property?
That's just the chapters involving the comings and goings of personnel. The same also applies to chapters on projects and strategies. The dewatering permit that Randy said was needed in 2007 to further explore Langmuir 1. The economic assessment of the Langmuir project that was to be available in 2008. The Nitinat spinout that took forever and and is still dangling. The Metal Mines spinout that was stopped by the authorities, but was to be revisited. The list goes on.
But we should be fair - some projects are attended to promptly. Some are even started and completed before management and the IR Man have a chance to announce the new chapter. Like the multi million dollar parachute package that was put in place just in time to be disclosed in the annual Management Information Circular. This was accomplished in spite of the fact that the Dream Team was in the middle of bringing in a pinch hitter for a key director that suddenly went missing. And the NSR purchase was put together so fast that there wasn't time to author a News Release that offered a sensible explanation - the original explanation [which was not plausible] was dropped for another later explanation, that was too cloudy to be judged. The Dream team also seems able to complete remuneration and options granting transactions on a frequent and timely basis. And the flow through financing was put through so fast, ISM couldn't find qualifying expenditures to meet the exploration commitment that was made. The Dream Team is also adept at launching share buy back projects. So the Dream Team is capable of bursts of speed - where this exploration company seems to have trouble getting going is in exploration.
Its quite the book this Dream Team is authoring. Many were sure it was going to be a success story of major proportions - that this former carpenter was building a mining company of global significance. The Randy Man himself went on a media blitz telling the public that ISM was just scratching the surface [at the time ISM was trading $6+ and he was unloading a few million dollars of shares]. Now that four years have gone by and the scratching hasn't turned up an ounce of reserves, its beginning to look like a tragedy - did the scratching signal a seven year itch, or will the money run out before then"?
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