mitis, the comment that Ray J has largely withdrawn from the...

mitis, the comment that Ray J has largely withdrawn from the running of Icon comes from personal observations made by those who have met him or attempted to have meetings with him over the last 12 months. Also from statements made by Ray J as to his involvement or lack of in crucial matters such as the toxic convertible notes and the Stanwell debacle. The person driving (if thats the right word) Icon is now Ray McNamara along with his mate John Quayle. And that is a real and present danger.

It is up to Ray J to justify his salary. The calculation that his salary is now $700,000 again comes from comments made by him and extrapolated from total sums paid to all directors during 2008 contained in company announcements.

Although it may appear otherwise I am reluctant to 'bag' Ray J despite his salary level. I suspect that there is another problem here which we are unaware of.

But I am majorly concerned about Ray McNamara running Icon. The combination of academic arrogance and commercial naivety is truely frightening. The result of that arrogance and naivety is to be found in the Stanwell Deals. You do not have to be an engineer to understand that if a company enters into a contract which imposes financial obligations (to prove reserves of 340PJ's and JV production) that it does not have the resources to meet, then there is a problem. The problem is compounded by the fact that no financial institution will presently touch Icon - that is why Icon has had to scrape for money from bottom feaders like Pacific Capital.

The bottom line unfortunately is that unless the current Board are removed and the new transition board implemented Icon has no future. And that is despite all Icon's great resources. It all comes down to people.