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L<B>and</B> <B>mine</B> Page 17 of 20 <br /> would top $700, Wyman said. <br /> • "It could have been a barn-burner if it had ever <br /> happened," he said. <br /> The clash with the SEC and the company's growing <br /> financial problems all but eliminated Galactic's <br /> ability to cover costs by selling stock, company <br /> memos indicated. <br /> Richard J. Stoehr, a member of Galactic's board of <br /> directors, suggested in a memo that "the fastest <br /> and best way to build with limited funds is to <br /> develop a prospect with little or no perceived value <br /> into one with great perceived value, then capitalize <br /> on that position. <br /> "Our chairman is a master at this," Stoehr wrote in <br /> the memo, which was addressed to a fellow board <br /> member. <br /> But other executives and some investors had <br /> begun worrying about Friedland's freewheeling <br /> management style and the company's informal <br /> decision-making structure. <br /> • On Nov. 2, 1990, Friedland severed ties to Galactic. <br /> He said it was because the company was maturing <br /> and needed people with more mining experience. <br /> "I'm a start-up sort of guy, and I'm a financial <br /> investor, but I never pretended to be a mining man, <br /> and so I was anxious to pursue other pastures," he <br /> told the News. <br /> Friedland denied leaving because of questions <br /> about criminal liability under federal clean water <br /> laws, which were beginning to concern Galactic <br /> executives as much as the company's money woes. <br /> At the time of the first cyanide leaks in 1986, <br /> Galactic had retained a Denver attorney who <br /> specialized in environmental law. In 1990, the <br /> lawyer, Dean Massey, flew to Vancouver and <br /> warned Galactic directors that something must be <br /> done about the water building up behind the dike <br /> • and the acid drainage. <br /> http://www.denver-rmn.com/news/0507smmtl.shtml 5/7/00 <br />