Letter, page-19

Ok, I take your point (but please don't pick on my planet!).

I am not having a go at holders / investors, nor am I preaching about trading versus holding. The point of this thread was to say that I would not blindly follow a guy, and vote him on to the Board of a company, simply because he wrote to me and told me how much money he lost. His supporting argument was not convincing: merely reproducing the same old "I promise I will do better" doesn't do it for me. The only true test - which probably is still not a great guide - is experience; and this individual had none, from what I could read. Yes, his intentions are honorable (and I tip my hat to him on that), but that doesn't necessarily mean that "change for the sake of change" will produce a better or different result.

I have watched HC over the past few weeks turn into a bit of a whinge-fest. Don't take that the wrong way: yes, long term investors have been rightly shafted and probably have every right to feel wounded; but when every single thread starts with a tale of woe, soon we are swamped with emotion and the discussion about the technical aspects of the stock (plans, reserve estimates, etc etc) disappear altogether.

I wish those who are voting for change all the best with their endeavors, and I also wish the others who simply want action by the current Board all the best also. I don't think voting "no" to a new director with limited or no experience is a "vote for the status quo", on the contrary my votes are allocated to those who I think are best suited to run the company, regardless of my own personal profit & loss statement.

No hard feelings Falcon. Hope all is ok.


Best regards
Kit