The following e-mail from Mr. Griffith was brought to my attention late
last week. In it there are several misstatements of facts. The
following facts should make it clear that the indictment of Mr. Zidar
has had, and will have, no impact on the operations of Gold & Silver
Reserve, Inc.
Gold & Silver Reserve, Inc. is not the parent company of e-gold Ltd.
Gold & Silver Reserve, Inc. is a Delaware USA company. e-gold Ltd. is a
Nevis company. Neither company owns any part of the other company and
the companies have no common owners.
The shares owned by Meliorations Management Teem (the shares are not
owned by Mr. Zidar) constitute less than 10% of the issued and less than
5% of the authorized shares of Gold & Silver Reserve, Inc.
Even if the US Government were to seize shares owned by Meliorations
Management Teem, and then take action to become the owner of those
shares, the US Government would be less than a 10% owner of Gold &
Silver Reserve, Inc., could be diluted to less than a 5% owner of Gold &
Silver Reserve, Inc., and would own nothing of e-gold Ltd.
Contrary to the statement in the article linked in this e-mail from Mr.
Griffith, no representative of Gold & Silver Reserve, Inc. was contacted
by Mr. Griffith for any comment on the article. If he had contacted a
representative of Gold & Silver Reserve, Inc. prior to writing this
article, maybe he would have gotten his facts right.
Gold & Silver Reserve, Inc. has been aware of the SEC investigation of
Mr. Zidar since late last year. At no time has Gold & Silver Reserve,
Inc. or any other shareholder of Gold & Silver Reserve, Inc., or e-gold
Ltd. or any shareholder of e-gold Ltd., been the target of the
investigation.
Neither Mr. Zidar nor anyone associated with Meliorations Management
Teem (or any other associated entity) (the "Zidar Group") is an officer
or director of Gold & Silver Reserve, Inc. At all times the ownership
of Meliorations Management Teem in Gold & Silver Reserve, Inc. has been
that of an "outside investor".
Barry K. Downey, Esq.
Director, General Counsel
Gold & Silver Reserve, Inc.
Subject:
[e-gold-list] bad news
Date:
Thu, 20 Dec 2001 15:06:22 -0500
From:
"Ken Griffith" <[EMAIL PROTECTED]>
To:
"e-gold Discussion" <[EMAIL PROTECTED]>
It truly grieves me to post this story, but the facts are already in
source
documents posted on the Internet and this is extremely pertinent to
everybody who uses digital gold currency.
John Wayne Zidar has been indicted for mail fraud and laundering the
proceeds of a ponzi scheme. The indictment alleges that Mr. Zidar
invested
$2.4 million of the stolen money into Gold and Silver Reserve, parent
company of e-gold. The indictment also states that Mr. Zidar invested
$100,000 of the investors money into Norfed, which shares a common
officer,
Bernard Von Nothaus, with 3PGold. Since the federal government has
seized
all of Zidar's assets, presumably they have seized his stock in G&SR,
making
the US Federal Government roughly 25% owner of G&SR.
See the story at the link below.
http://www.goldbankone.com/article.php?sid=166&mode=nested&order=0
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