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a plague o both your houses

Nadagold (NG): more inside selling

Hey Greg, wipe that stupid smirk off your face. Stupid beard, too

Greg Johnson of Nadagold (NG) got rid of nearly half a million shares of the company he helped to sink recently (see filings below and linked here). Now note the difference between the 280k or so that were bailed in the 50c region and the other, slow drip sales he put in on the days leading up to last Monday’s final admission of total corporate incompetance and failure.

Are you really telling me that he was forced into selling 10,000 shares, then 2k, then 5.6k, then 15k etc etc etc on a margin call when he had half a million pieces of this toilet paper on hand? Gimme a break, guys…this is criminal behaviour! Not only are you a blatant thief, Greg, but you’re insulting your shareholders at the same time!

But the thing is, the ten filings listed below fromthe Canadian Insider website are only the tip of the iceberg. Greg Johnson started selling his shares on October 20th 2008 at $3.30 and managed to sell a total of $1.33m in shares between Oct 20th and Nov 20th. Johnson got rid of 524,381 shares in bite-sized chunks, never more than 65,000 at a time and typically between 5,000 and 20,000 in any one day. According to the Nadagold website, Johnson is old pals with fellow inside salesman, CEO Rick Van Nieuwenhuyse:

Greg S. Johnson, B.Sc.
Vice President, Strategic Development
Greg joined Rick Van Nieuwenhuyse to establish NovaGold in 1998. With over 20 years of industry experience, Greg is responsible for NovaGold’s marketing and communication activities, and is involved in developing strategic growth opportunities. Prior to his role at NovaGold, Greg was part of the management team responsible for overseeing the exploration and acquisition activities for Placer Dome’s International Exploration Group in Africa and Eurasia. Greg also worked with Rick Van Nieuwenhuyse and Joe Piekenbrock as part of the Alaska Exploration Group for Placer Dome in the late 1980s and early 1990s, where he played a key role in the multi-million-ounce Donlin Creek discovery in 1995. Greg has been involved in all aspects of exploration and development, from grassroots discoveries to Feasibility Studies in the United States, Canada, Australia, Russia and Africa. Greg holds an Honors B.Sc. in Geology from W. Washington University.

The OSC should be crawling all over this board of directors. Well, they would be in any serious country, but as the country in question is Canada and white-collar fraud is applauded rather than punished, expect the whusses at the OSC to do nothing and this crook and all the others who turned NG into mining’s finest laughing stock since BRE-X to be waltzing around PDAC next spring, pressing flesh and doing new deals.

You people make me want to vomit.

Filing Date Transaction Date Insider Name Ownership Type Securities Nature of transaction # or value acquired or disposed of Unit Price
Nov 26/08 Nov 26/08 Johnson, Gregory Shawn Direct Ownership Common Shares 10 – Disposition in the public market -22,000 $0.540 USD
Nov 26/08 Nov 25/08 Johnson, Gregory Shawn Direct Ownership Common Shares 10 – Disposition in the public market -82,800 $0.560 USD
Nov 26/08 Nov 24/08 Johnson, Gregory Shawn Direct Ownership Common Shares 10 – Disposition in the public market -180,400 $0.520 USD
Nov 26/08 Nov 21/08 Johnson, Gregory Shawn Direct Ownership Common Shares 10 – Disposition in the public market -56,000 $1.540 USD
Nov 26/08 Nov 20/08 Johnson, Gregory Shawn Direct Ownership Common Shares 10 – Disposition in the public market -89,000 $1.700 USD
Nov 26/08 Nov 19/08 Johnson, Gregory Shawn Direct Ownership Common Shares 10 – Disposition in the public market -10,000 $2.250 USD
Nov 26/08 Nov 18/08 Johnson, Gregory Shawn Direct Ownership Common Shares 10 – Disposition in the public market -15,066 $2.140 USD
Nov 26/08 Nov 17/08 Johnson, Gregory Shawn Direct Ownership Common Shares 10 – Disposition in the public market -5,618 $2.300 USD
Nov 26/08 Nov 14/08 Johnson, Gregory Shawn Direct Ownership Common Shares 10 – Disposition in the public market -2,100 $2.400 USD
Nov 26/08 Nov 13/08 Johnson, Gregory Shawn Direct Ownership Common Shares 10 – Disposition in the public market -10,000 $2.360 USD

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