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October 20, 2006

McEwen, Are you ready to rumble?, Fri., Oct. 20, 2006, 6:46 AM

I will be spending a few hours in the McEwen vs Goldcorp courtroom today. I wonder if boxing's Michael ("Let's Get Ready To Rumble") Buffer is going to be in the house?

In the McEwen vs Goldcorp matter I'm interested to see how the Goldcorp side has fallen under the control of the same parties involved in the Stelco scandal. I note that Peter Dey (former director and string-puller at Stelco) was parachuted onto the Goldcorp board in June, after the issues arose, and now Peter is the spokesperson director for Goldcorp.

Yes, I see that as a sign that the Toronto Old Boy's Network is now involved, which ought to be dismaying to Goldcorp shareholders. I wouldn't be surprised to see the retired Stelco judge John Farley in the courtroom and his replacement judge on the bench (although I have no idea of who the judge is at this point).

Some time ago on these pages, I tried to give readers a sense of who the string-pullers are and how they network.

In the case of Stelco, there were 39 law firms involved. Every significant law firm and investment banker was retained, or as some persons say, "tied up". In the Goldcorp matter, there are similar allegations.

Yes, even before I get to the courthouse, I'm expecting to see the faces of the people who usually do their business in darkened boardrooms.

Shareholder rights is an important issue. Robert McEwen is fighting the good fight. He'll be up against many of the best lawyers in Canada. Like Stelco, these people do not want public shareholders operating a transparent and free capital market. The gnomes and their advisors want to make the decisions for us.

There is an issue here, and hopefully independent and objective reporters will focus on it. Hopefully they all haven't been bought and paid for " in the way that investment bankers and law firms have.

The Toronto Old Boy's Network that I refer to are very powerful in this country. They don't appreciate independent thinkers like me inquiring as to who they are and what they're up to.

They go to great lengths to use the law to abuse law-abiding and right-thinking people. For that reason, I respectively declined to be a player in this McEwen-Goldcorp matter. I slept on the request to provide an Affidavit, and eventually decided against it on the grounds that everything I wrote in this blog about the Ontario commercial court (and Judge James Farley) would be used against me. I was, truthfully, worried that if I took the stand, I might not be going out for dinner this evening but instead be headed for incarceration.

James Farley, by the way, joined the Stelco law firm shortly after leaving the bench, even while that dispute goes on. But at least he's joined "the right people" getting "the right results". (lol)

There are some serious issues in Canada that need to be addressed. Feelings are rising as this letter I received yesterday indicates:

"I took time to read Peter Dey's affidavit re Goldcorp. Isn't it interesting how the same bad actors keep showing up when there is a banquet and you don't have to pay but get paid to be there. This is the "governance expert" who was parachuted in to screw with Stelco and had previously ran the TSE when it did such an abysmal job of protecting the shareholders he was there to protect. Interesting how he gets parachuted onto the board of G in mid-June of this year just when the brown stuff hit the fan and the stock price started crashing. Yet he claims to know in great detail the complete history of all prior deals made by G and Wheaton, as well as Glamis. His list of prior deals without shareholder votes (see Appendix PP) looks pretty flimsy but then he is a manipulator who knows how to play a system that is rotten to the core. The fact is that it was not illegal to prevent the shareholder vote in Ontario and he knows it and has been brought into Telfer's buddy board to speak as the "voice of authority" on such matters as inevitable court challenges (the lawyers need to get theirs). I would not hold out too much certainty that the courts will force a vote despite the moral and ethical considerations. This is high-stakes dirty business and assets are being de-valued in order that they can be stolen. Like CCAA, this is just another way to get the job done. It's all garbage and I am staying away from G and any such situations because common sense, fairness, ethics and morality are not part of the game."

Are the judges and the legislators of Canada listening? There is a serious problem here.

When I took law courses as part of my schooling, including at Osgoode Hall School of Law, I was taught that advocacy should never be a part of conspiracy in commercial matters. I suppose I was misled because I see a lot of that these days. I will always believe that Stelco was a contrived fraud.

Btw, if you didn't catch the following item on the McEwen website, it is worth reading. One of the Goldcorp directors stated his opinion the company ought to be giving shareholders a say in the matter.

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Also, Rob McEwen issued the following news release yesterday. Please click on the link.

Thank goodness, Rob has the deep pockets to fight this matter. Shareholder rights and corporate governance are at a crossroads. At least we don't have Farley on the bench to decide these important matters.

Posted by Posted by Bill Cara on October 20, 2006 06:46:39 AM | Category: Cara Today in the Market

Discourse

I think that the elected governments of the day should be keeping a close eye on this one cause there a lot of us just fed up with these tactics, i for one will be asking a lot of questions when the individuals come knocking on my door for my vote, and i just know that some of you polticians read this blog, cant wait for that knock to come !!!!!!!!!!

Posted by: tgifbipo [TypeKey Profile Page] at October 20, 2006 8:58 AM [link]

I'm honestly not familiar with this source but felt it was possibly worth posting in this thread.

http://www.newswire.ca/en/releases/archive/October2006/20/c2867.html

Goldcorp-Glamis merger an example of transaction that should require shareholder vote: Ontario Teachers' Pension Plan

"In a meeting today with officials at Goldcorp
Inc. the Ontario Teachers' Pension Plan (OTPP) stated that the share dilution
that will result from mergers like that of Goldcorp Inc. and Glamis Gold Ltd.
should require shareholder approval."

Posted by: rusticuf [TypeKey Profile Page] at October 20, 2006 4:02 PM [link]

Bill --

Good luck with GG. A little off-subject, but THANKS for your analyses of junior miners. MOST helpful.

Also off-subject, why hasn't Aurelian's stock price been hit by growing Ecuador country risk? Any ideas?

Posted by: Jock [TypeKey Profile Page] at October 20, 2006 4:40 PM [link]

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