Monday, December 3, 2012

OSC targets Ernst & Young

"The Ontario Securities Commission has accused Ernst & Young LLP of failing to conduct a proper audit of failed forestry firm Sino-Forest Corp. In a rare move, the commission has levelled allegations against a firm’s auditors, saying Ernst & Young did not perform to “relevant industry standards” during their time as auditors between 2007 and 2012."

"The OSC issued fraud allegations against Sino-Forest and former senior executives in May. The case has not yet gone to a hearing."

This blogger identified the obvious problem early on ...

"First on the public interest radar should be the all too cozy relationship between the auditor signing off on the apparently bogus financials that everybody is relying on and a bloated BoD with more alumni from Ernst and Young LLP than keys to the executive washroom.

Thomas M. MaradinVice-President, Finance (Corporate)
Joined Sino-Forest in 2005; previously worked five years for several multi-national corporations in financial reporting and internal control, regulatory compliance and system upgrading; previously worked fifteen years for Ernst & Young LLP, providing professional services in audit, taxation, risk management, strategic and business planning.
James (Jamie) M.E. Hyde, CA, C.Dir

Director since 2004; previously Vice President, Finance and Chief Financial Officer, GSW Inc., Executive Vice President and Chief Financial Officer, Resolve Business Outsourcing Income Fund, Former Partner, Ernst & Young LLP, where he provided for 24 years a board range of professional services to public and private companies.
Garry J. West
Joined the Board in February 2011; former Partner at Ernst & Young; With 35 years of extensive financial experience including auditing, corporate restructuring, public financings and strategic planning initiatives for a number of major organizations; Director and Chair of the Audit Committee for two other TSX-listed companies; Fellow of the Ontario Institute Chartered Accountants.

Our next area of interest are the unmitigated and sickening public touts from the likes of grossly conflicted Dundee "analyst" Mr. Richard Kelertas. Before the chit hit the fan he insisted Sino-Forest was a “class act in timberland management in China,”. Its one offensive thing to be professionally ignorant, another to deny the truth completely.

Fortunately for the public's blood pressure the powers that be have muzzled more commentary from Mr. Kelertas as every word will inevitably be placed under a judge's nose as evidence ... an outcome that should have been easily recognized the day the Muddy Waters report was released."

NOTE - Mr. Kelertas no longer works at Dundee.

Friday, November 30, 2012

Yet ANOTHER Gardner lawsuit

"First Star Resources Inc. is facing a lawsuit in the Supreme Court of British Columbia from Magna Management Ltd., a shareholder that claims First Star owes it $50,000. Magna says that it provided First Star the money for a future private placement, but never received any shares. Magna has since asked for the money back, but First Star has refused, the suit states."®ion=C

How Chuckles sees himself
Yes of course we all know that Magna Management Ltd. is Mr. Gardner's obligatory non-arms length holding company, run by his long time personal assistant Ms. Carolin Schella.

A horse (err Pony) of course they work from the same office, naturally.
Magna Management Ltd.
#300, 838 West Hastings Street
Vancouver, V6C OA6

Too true is that First Star Resources Inc. is all about Mr. John Campbell, again.

How we see Chuckles.
Who wonders what awesome, extra special legal strategy Mr. Gardner has up his sleeve for this here one. I believe the tried and true "Blago" approach is best (again).

Every judge at the courthouse MUST know Robert Gardner by name so this here is a "can't miss" proposition.

My bill is in the mail Mr. Gardner.

As loyal readers are aware by now Mr. Robert "Chuckles" Gardner loaded up on gobs of worthless LRDR.o paper at a cent a couple months ago, giving him 56% of the outstanding. Naturally the SP was walked up to the $ .45 levels on dead goofy trades.

Latest is the launching of the obligatory promo for dopos and darn citizens, what was the name of that subject property at the center of the GNM/Good fiasco again? Pin the tail on your Pony twas indeed.

Now we have Chuckles making promotional hay with complete chit with a deal he was being paid (very well) to represent for another party. Hmmmmm. Takes the $ 75k and then launches multiple lawsuits against all involved.

There are names for this, none of them acceptable here, sadly.

Attached files
EX-99.4 - EXHIBIT 99.4 - Laredo Resources Corp.ex99_4.htm
EX-99.3 - EXHIBIT 99.3 - Laredo Resources Corp.ex99_3.htm
EX-99.2 - EXHIBIT 99.2 - Laredo Resources Corp.ex99_2.htm
EX-99.1 - EXHIBIT 99.1 - Laredo Resources Corp.ex99_1.htm


Date of Report (Date of earliest event reported): November 2, 2012

Laredo Resources Corp.
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation)(Commission File Number)(I.R.S. Employer Identification No.)
300 Jameson House
838 West Hastings Street
Vancouver, B.C., Canada
V6C 0A6
(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code: (604) 669-9000
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ]Written communications pursuant to Rule 425 under the Securities Act (17CFR 230.425)
[ ]Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ]Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ]Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events
On November 2, 2012, we entered into a letter agreement with Magna Management Ltd. (“Magna”) under which we have been granted the exclusive right, for a period of sixty (60) days, to negotiate for the purchase of all rights held by Magna in the mineral property known as Pony Mountain Gold, located in the Mineral Hills District (commonly called the Pony District) in southwestern Montana. During the exclusive negotiation period, we will have access to all documentation and information regarding the title and geology of the property and any other information necessary for the completion of our due diligence. We anticipate that our purchase of Magna’s rights to the property, if consummated, would be made through a combination of cash payment and issuance of common stock, with the rights being assigned to a wholly-owned subsidiary to be formed. Pricing and other details of the potential acquisition of Magna’s rights are the subject of ongoing negotiations.
The Pony Mountain Gold property is comprised of an approximately 4000-acre package of properties, assembled over the years by a local family and local geologist. The property contains several previously-mined, underground hard-rock vein systems, such as the Mountain Cliff, Strawberry-Keystone, Amy, and Atlantic-Pacific (A-P) mines. Historically, the Pony Mountain Gold property has been productive, and we believe it has potential for new productivity.
In the event that we acquire Magna’s rights to the Pony Mountain Gold property, we will assume Magna’s rights and duties under a Memorandum of Understanding between Magna and the various owners of the property (the “MOU”). As the assignee of Magna’s rights under the MOU, we would be entitled to exclusive proprietary marketing rights for the property in exchange for total payments of $3,000,000 to be made in quarterly installments of $250,000 each. The deadline for the first installment payment to the owners, as currently extended, is December 5, 2012. All net revenues received from third-party processors of material mined from the property will be paid to the owners of the property and applied to the total purchase price until paid in full. The owners will retain a perpetual 2% net smelter royalty. Closing of the transaction contemplated by the MOU will be documented under a definitive Mining Lease and Option Agreement.
Magna has engaged Moen Excavating, LLC to take and prepare samples from dumps located on the Pony Mountain Gold property, to coordinate laboratory testing of samples taken from the property, and to conduct negotiations with the Golden Sunlight-Barrick mill for the processing of material from the property. Magna has also agreed to engage Moen Excavating for all surface work on the property and for the future hauling of dump material from the property to the mill. In the event that we are assigned Magna’s rights to the property, we plan to continue the engagement with Moen Excavating as Magna’s assignee.
Item 9.01 Financial Statements and Exhibits
Exhibit No.Description
99.1Letter Agreement with Magna Management Ltd.
99.2Memorandum of Understanding between Magna Management Ltd. and property owners
99.3Letter re: extension of initial payment deadline
99.4Memorandum of Understanding between Magna Management Ltd. and Moen Excavating, LLC
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Laredo Resources Corp.
/s/ Robert Gardner
Robert Gardner
President, Chief Executive Officer
Date: November 5, 2012

Read more:

Latest filings on this horrid OTC mutt reveal much ... like the fact it was Mr. Gardner's holding company Magna Management Ltd. that had the property locked up as early as 5/3/2012.

Latest and greatest from Vancouver promoter Robert "Chuckles" Gardner is yet ANOTHER lawsuit. This time our hard done by, long suffering anti-hero is complaining about some phone conversations, among other things.

"A spat between two Howe Street promoters has become very public with the filing of a lawsuit in the Supreme Court of British Columbia this week. The suit, launched by Robert Gardner, accuses Viridis Energy Inc. chairman John Campbell of making threats, committing fraud and breaching trust, among other things. It also includes quotes from a phone call in which Mr. Campbell allegedly said to Mr. Gardner, "I'm going to fuckin' tear you apart ten times over."

Utterly ridiculous is the propensity of this career promoter to run, (not walk) to the high court with every imagined panty twist. The goal is outrageous and obvious ... slag your oponents in the court of public opinion while launching frivoulous and vexatious litigation that is very clearly an abuse of process.

It absolutely, positively amazes that the Law Society allows this offense to continue, year after year, dopey, hopeless lawsuit after lawsuit. Sickening.

We are going down to the courthouse soon to determine, if possible, exactly HOW MANY TIMES that dirty moniker appears. The answer might surprise us.

UPDATE : Chuckles lost fully and completely (plus costs) on an application for security for costs to be posted by Viridis Energy Inc., so what does boyo do ... files another lawsuit a few months later. Un fukkin real is what this utter ongoing horsechit is, and citizens, taxpayers carry the highest burden for it.




Wednesday, November 21, 2012

Graham Harris propaganda for sheeple

Despite a track record in the Venture marketplace that speaks massive volumes all on it's sickening own, Mr. Graham "Punchy" Harris has seen the need to engage public types with a personal website extolling his many virtues.

Tis appearing our hero is flogging real estate these days.

Completely useless hot air aside we have a current line-up of Mr. Harris's giant and ongoing "successes" and, well, case closed.

"Currently sits on the board of ERA Carbon Offsets, Redhill Resources Corp, Cap-Ex Ventures Ltd., and High North Capital Corp."

Red Hill (as ATW Gold) was looted completely and fully stupid and is now $ .04 bid. Cap-Ex Ventures was looted completely and fully stupid and is at 52 week lows. High North hasn't been unleashed on the public yet (to be looted stupid) and the last stinks in principal with this caliber of "management".(and is probably being looted)

Naturally Mr. Harris's website doesn't work worth a damn, which reflects Mr. Harris abilities perfectly in this opinion.

Monday, November 19, 2012

Stan Bharti for Pope

There has been a powderpuff interview with grand poohbah Stan Bharti published and geez louise from the sounds of it he is the most misunderstood citizen since Kane.

Stakeholders of Dacha Strategic Metals Inc (DSM.v) are probably throwing a keggar and breathing a sigh of relief these days ...

"As part of the board reconstitution, Stan Bharti will no longer be serving as a director or officer of Dacha and G. Scott Moore will no longer be serving as Dacha's President and Chief Executive Officer"

Great news for fully dopey public types (and Otto Man's blood pressure) is the news that our hero Bharti Man is planning to reach out to far more of the little people through a "Private Equity Fund".

And really, who can blame Mr. Bharti for attempting to find a new revenue model that DOESN'T involve getting his arse severely kicked at AGMs every year from broke stakeholders.

"The Forbes & Manhattan President is anxious to set the record straight because the mining house is making plans for its first private equity fund, one that hopes to raise up to $1 billion to be deployed only in new deals."

Saturday, November 17, 2012

Openly violating a BCSC CTO ... Update

UPDATE : November 18
A TWICE over of the latest SEC filing from juggernaut Double Crown Resources (DDCC.o) has failed to reveal where the very critical disclosure is related to an active and outstanding CTO from the BCSC.
Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I hereby certify that, to the best of my knowledge, the Quarterly Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: November 13, 2012
/s/ Jerry Drew
Jerry Drew
Chief Executive Officer and Chief Financial Officer
Going back further, to Q1, there is still no apparent mention made of the somewhat material fact that the co has a live CTO outstanding. Also we finally learn that Denarii is and has always been incorporated in Ontario.
Date: May 25, 2012
/s/ David Figueiredo
David Figueiredo,
Chief Executive Officer, President

Well citizens, our inquiries into the activities of Vancouver promoters Mr. and Mrs. Donald Rutledge have revealed they are very openly and blatantly violating a Cease Trade Order issued against Double Crown Resources DDCC.o by the BCSC.

Base of operations for the securities crime are the offices of Vancouver promoter Robert Gardner, long time partner of Mr. Rutledge.

"On September 10, 2009, we received the CTO from the BCSC, which is limited to the Province of British Columbia, for not filing certain reports, including a technical report under Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"), respecting certain disclosures. As a consequence of the CTO, we have engaged legal counsel in connection with this matter in order to determine the exact manner in which we will be able to satisfy the requirements of disclosure rules and regulations as required by the parameters as set forth for foreign issuers under BCSC rules and regulations, including Canadian National Instrument 71-102."

Company has an active and outstanding CTO from the BCSC.

What does this mean?

Three years ago the BCSC cease traded Denarii Resources Inc., the predecessor company, and in February of this year CTOed Double Crown Resources. The continued promotion and sale of these securities is illegal.

We should note Mr. Rutledge is an undischarged bankrupt, having been petitioned into bankruptcy by the CCRA. 

"Don Rutledge has been swimming in debt since at least March 2003, when he was petitioned into bankruptcy by Canada Revenue Agency. His declared liabilities totalled $4.4 million, including $2.6 million owed to CRA, against only $1,680 in assets.

Since then, both the bankruptcy trustee, Deloitte & Touche, and CRA have opposed his discharge on grounds that he continued to maintain a high standard of living, failed to provide monthly income and expense reports, and tried to shield his assets and income from creditors and the trustee "either by structuring business transactions through his wife or by using offshore entities."

Thursday, November 1, 2012

Otto Man attacks Stan Bharti again ... Update

Our friends at the Financial Post are doing it again and its all about recently mentioned Dacha Strategic Metals Inc.

"Tye Burt has kept a low profile since being fired by Kinross Gold Corp. at the beginning of August. Likewise, Ian Delaney has been quiet since he retired from Sherritt International Corp. last December. Now both of them have surfaced in a heated proxy battle for control of a junior mining company.

Mr. Burt and Mr. Delaney are part of a dissident slate of directors nominated by investor Goodwood Inc., which is trying to overhaul the board of Dacha Strategic Metals Inc.

Dacha has a consulting contract with Forbes & Manhattan, a resource conglomerate run by entrepreneur Stan Bharti. Forbes receives base fees of $25,000 per month from Dacha and would receive significant payments if the contract was terminated following a change of control. Total compensation to Mr. Bharti this year amounts to $1.1-million, including payments to Forbes & Manhattan, according to the circular.

Mr. Bharti is currently executive chairman, but will not run again in the proxy contest. He is being replaced with Jim Rogers, an outspoken investor in the resource space.

"The IKN post at the beginning of October entitled " which IKN explains why you should never invest in a company run by Stan Bharti" made the point (I mean you want a clearer title than that?) and we're happy to say that it did have an effect on his self-serving scumball ways."

Our boyo Mark continues to beat this dead mule and yes indeed a body needs industrial sized excavation equipment to wade through the Bharti feifdom at all.

Bottom line is Mr. Bharti has proven where his stakeholders stand in the grand scheme of things, and should a public dope ignore it they deserve what they get.
TORONTO, ONTARIO--(Marketwire - June 21, 2012) - Dacha Strategic Metals Inc. ("Dacha" or the "Company") (TSX VENTURE:DSM)(OTCQX:DCHAF) is issuing this press release at the request of TSX Venture Exchange (the "Exchange") to provide information regarding the convertible loan it issued to Forbes & Manhattan Asset Management Corporation ("FMAMCo"), a related party, for up to C$3,500,000 during the fiscal year ended March 31, 2010. The Company loaned FMAMCo $3,056,118 and accrued interest of $647,732 on the loan. To date the Company has written off $2,056,118 of the principal amount of the loan as well as the interest receivable of $647,732. Further write-offs on the principal may occur. On May 15, 2012, FMAMCo advised the Company that it had conditionally sold the underlying business and all its subsidiaries including Monarch Wealth Corporation for $1,950,000.
The first payment of $750,000 will be applied to the subordination agreement with non-arm's length party, Forbes & Manhattan, Inc. (see press release dated March 1, 2012) and other FMAMCo liabilities. Although not completed at this time, FMAMCo and Dacha intend to enter into a release and assignment agreement irrevocably directing the remaining installment payments from this sale to Dacha. As a result Dacha expects to receive $1.2 million less certain contingent FMAMCo liabilities as repayment for this loan. Stan Bharti is a director of both Dacha and FMAMCo and Executive Chairman of Forbes & Manhattan, Inc. therefore, transactions between Dacha, FMAMCo and Forbes & Manhattan, Inc. are considered to be non-arm's length.

The Exchange conducted an issue specific review on the Company and concluded that non-arm's length transactions commencing August 2009 failed to comply with Exchange Policies requiring timely press release disclosure and Exchange notification for non-arm's length party transactions. To address past deficiencies in the corporate governance practices applied and to ensure the Company appropriately deals with non-arm's length transactions according to TSX Venture Exchange Policy going forward, the Company has implemented a Code of Business Conduct and Ethics and a Corporate Disclosure Policy.

So be warned (again) citizens. Pffft. And Mark, geeze dude, tie off that running mouth every now and then. Your insults make you sound like a child. If anybody had the means and motive to sue yer loud buttock it would be the poohbah here.

Tuesday, September 25, 2012

Don and Leslie Rutledge, Robert Gardner = Redux

Welcome citizens. We make room for yet another charter resident crew of Vancouver paper pitchers and wowsers. Will it ever end? Probably not.

So what's our claim to Infamey for the terrible threesome before we get really rolling here?
Promoter uses others' money to live large
"In any event, it does not appear that Leslie Rutledge was directing Palisades' affairs. That role appears to have been handled by her husband, Don Rutledge, even though his name doesn't appear on disclosure documents. For a knowledgeable investor--which Naidoo wasn't-- this would have been cause for alarm.

In 1997, Don Rutledge and his firm, Fleming Financial Inc., got into trouble with Vancouver Stock Exchange officials over their promotion and administration of VSE-listed T.K.O. Resources Inc. and were ordered off the exchange. Alberta Stock Exchange officials similarly turfed them for alleged irregularities in their promotion of ASE-listed Fairmile Acquisitions Inc.

In September 2000, the U.S. Securities and Exchange Commission filed a formal complaint in U.S. District Court in Colorado alleging that Rutledge and an associate, Gregory Skufca, used brokerage accounts in Vancouver and the U.S. to manipulate the share price of Snelling Travel Inc. from 20 cents to more than$6 on the OTC Bulletin Board in the United States. In November 2004, after a 10-day trial, a jury acquitted them of all charges.

Undeterred, Rutledge continued to deal with some of the market's worst actors, including Thai fugitive Rakesh Saxena, who promoted essentially worthless U.S. over-the-counter stocks while under house arrest in Richmond, and former Toronto stockbroker Stephen Taub, who is being pursued by brokerage regulators for failing to screen out clients who would impugn the integrity of the capital markets.

By all appearances, though, it was a lucrative business. Rutledge lived in a $2-million house in West Vancouver, drove expensive cars (including a Porsche), travelled extensively, and consorted with celebrities. As recently as 2008, he and his wife were listed as members of the Hollyburn Country Club.

But it was all a facade. Don Rutledge has been swimming in debt since at least March 2003, when he was petitioned into bankruptcy by Canada Revenue Agency. His declared liabilities totalled $4.4 million, including $2.6 million owed to CRA, against only $1,680 in assets.

"By way of background, the affidavits and pleadings filed state that Mr. Gardner was, until February 8, 2011, Chairman of the Board of Directors of Viridis, which is a public company selling wood pellets. Mr. Gardner resigned as a director of Viridis on April 7, 2011. This action was commenced on August 15, 2011 by Mr. Gardner who sued Viridis in debt for allegedly outstanding expenses and remuneration. Viridis responded with a counterclaim alleging that Mr. Gardner breached fiduciary duties to Viridis."

Friday, September 21, 2012

John Gregory Paterson - Southwestern Resources

Naturally this space must recognize the "accomplishments" of Mr. John Gregory Paterson, former QP and chief dipchit of the horrid scam known as Southwestern Resources.

"The former head of gold exploration company Southwestern Resources faces a possible 10-year prison term, the Vancouver Sun reports. John Gregory Paterson, who was the company’s president, CEO and largest shareholder, pleaded guilty to four counts of fraud involving false assay results from the Boka Gold Project in China. A sentencing hearing is underway in Vancouver."

"Paterson scammed shareholders from May 2003 to February 2007, when he issued 25 press releases reporting 446 assay results—of which 433 were fictional. Paterson was the qualified person who signed off on the phoney numbers."


"Former Vancouver geologist and mining executive John Gregory Paterson, who created and distributed hundreds of bogus assay results to boost the share price of Toronto Stock Exchange-listed Southwestern Resources Corp., has pleaded guilty to four of nine counts of fraud.

Paterson, 62, entered the guilty plea through defence lawyer Rod Anderson on Monday morning, just before an 83 day trial was scheduled to begin in Vancouver Provincial Court.
While not looking too good for Mr. Paterson now, things stand to get considerably worse if the prosecutor gets the 10 year custodial sentence he is after.

While sounding excessive for a white collar crime, one could argue that manner of kid glove treatment for securities reprobates over many years is exactly the type of environment that enboldens men like Mr. Paterson. Sooner or later an example needs to made to deter others. It is this opinion that that time has arrived.

Tuesday, August 28, 2012

Baja Mining Re Re-dux

Slow motion train wreck Baja Mining made an announcement today ...

"Baja Mining Corp. ("Baja") (TSX:BAJ)(OTCQX:BAJFF) reports that the Korean consortium (the "Consortium") has contributed US$90 million to its subsidiary Minera y Metalurgica del Boleo S.A. de C.V. ("MMB"), completing Stage I of the financing announced by Baja on July 26, 2012.

The Korean Consortium now owns a majority interest (51%) in MMB. However, the formalities required to transfer the shares and transfer control have not yet been completed."

Yes well the paper rises to a dime on the blue chip TSE and by 100% certain rights should not be trading at all. This project is completely diluted to the Koreans now and the only possible salvation is a highly unlikely rights offerring that even a major (well burnt) stakeholder has already rejected.


"Baja Mining Corp. has provided the following update.

In May, Baja retained BMO Capital Markets to assist in considering financing options and possible sources of financing. Non-disclosure agreements were signed by a number of interested parties, which were granted access to Baja's data room and attended management presentations. A draft independent engineering report prepared by SRK was recently provided to parties participating in the BMO process.

Baja has not yet received any proposals as a result of the BMO process. A number of parties continue with their reviews, including several parties who only recently signed non-disclosure agreements and obtained data room access, and the draft SRK report and are in the early stages of reviewing the materials.

As previously advised, Baja's cash forecasts indicate that it will have insufficient funds to maintain current levels of effort beyond Aug. 1, 2012.

Baja previously announced its preliminary view that projected operating expenses at the Boleo project have risen significantly, driven by increased mining costs, higher sulphur costs, higher diesel volumes and costs, and higher labour expense (rate and time).

Management has now advanced its review of the anticipated operating costs at the Boleo project, and currently estimates operating costs at between $50 and $60 per ore tonne.


The chit is flying seriously fast and furious in Baja land these days and from all directions.

Paper krapped out big time on the news of MASSIVE cost overruns on Bolero and Greenslade was shown the frikkin door by major stakeholder Mount Kellett Capital Management LP. Accusations were related to "personal fiefdom with no regard for proper disclosure or good governance,"

NOW it's Mr. Greenslade's daughter, Kendra Low, who's crying bloody murder in BCSC because her $ 250,000 job was instantly toasted."target=_blank"
While claiming no special knowledge of BAJ short of following the deal losely for the past 16 months, this monkey CANNOT understand how a corporate secretary can pull down those kinds of numbers.

This level of compensation is outrageous, insulting and goes far in explaining why getting rid of Mr. Greenslade is the best thing for this seriously, SERIOUSLY, holed deal.

In the 2011 proxy circular we learn Mr. John Greenslade's base salary, paid in 2010 to Kendron Petroleum Management Corp, was $377,500, and he received a bonus of $750,000. Darn good "work" when a body can get away with it eh?

This monkey HAD to go through the last financials of BAJ.v to figure out whats what. Burning through $ 5.6m in 3 months for overhead is horrid but claims of complete stupidity/ignorance/denial about this seriously cash crunched brick sandwich from the Greenslade camp is too much.

"The Company was not in compliance with all covenants subsequent to March 31, 2012 as a result of estimated cost overruns exceeding the Company’s available financing which came to management’s attention subsequent to March 31, 2012."