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<br />L<-l:l>ana<jJj> <B>mine<IB> <br /> <br />Page 17 of20 <br /> <br />, <br /> <br />e <br /> <br />would top $700, Wyman said. <br /> <br />"It could have been a barn-burner if it had ever <br />happened," he said. <br /> <br />The clash with the SEe 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 /> <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 /> <br />"Our chairman is a master at this," Stoehr wrote in <br />the memo, which was addressed to a fellow board <br />member. <br /> <br />e <br /> <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 /> <br />On Nov. 2,1990, Friedland severed ties to Galactic. <br /> <br />He said it was because the company was maturing <br />and needed people with more mining experience. <br /> <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 /> <br />e <br /> <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 /> <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 /> <br />http://www.denver-rmn.comlnews/0507smmtl.shtrnl <br /> <br />5/7/00 <br />