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Message: Response from King

Response from King

posted on Nov 07, 2007 05:14AM
I have to leave for work right after posting this, and I'll be late getting there, but I wanted to post what I got.

I wanted to know about the nature of the relationship between WITM and SSC Mandarin, if Robin Lee is excluded from the mix, and I was told the question is not easily answered as it was formulated. An analogy to asking what is the strength of a football's offense without including their quarterback, and then I saw his point. I was given more details about how Lee runs SSC Mandarin to give a better picture, but don't really have time to post that now.

I then asked about Lowenthal and how he might affect this situation, and I was told that when the conflict of interest situation arose with SSC Mandarin Africa and Wits Basin, he had to make a decision to either resign from SSC Mandarin or resign as a director of Wits Basin, and he chose to stay with Wits Basin, which doesn't square with my previous impression given previous inputs from others, but that could be due to my misunderstanding added to a bit of fact skewing along the way through others. Since previous information along that line came in an indirect manner from management, I suspect that it did not arrive to me in pristine form, and I probably drew some incorrect inferences that added to the different perspective.

Given that, the fact that Lowenthal was given the choice, and he chose to stay with Wits Basin is a somewhat good sign.

On other matters and on the company's prospects in general, I came to conclude the overall situation seems to be improving, and before the end of November, we should see resolution of at least one current thorny issue, either that with EasyKnit or the matter of title to CGMR and SSC Mandarin Financial.

My sentiment remains unchanged at this juncture. I must leave now though.
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