On December 16, 2005 Tri-Valley Corporation (AMEX: TIV, $8.13) announced that Harold J. Noyes had resigned from his post as President of Select Resources, and his TIV director position for “family reasons.” Mr. Noyes’ successor is Henry J. Sandri, who until recently served as a principal at an engineering firm and was a director of Atlas Minerals (OTC: ATMR.PK, $0.05).
It turns out Harold J. Noyes and Henry J. Sandri have more in common than just a middle initial. Both have served as officers or directors of bankrupt companies. In 2000, Mr. Sandri served on the board of ATMR, a mining company that emerged from bankruptcy in February of 2000.
Prior to ATMR’s emergence from bankruptcy and reincorporation as Atlas Minerals, the company operated as Atlas Corporation. On January 10, 2000, upon emergence from bankruptcy, ATMR effected a 1-for-30 reverse stock split. ATMR has not filed any documents with the Securities and Exchange Commission since December 21, 2004. According to the most recent 10-K for the year ended December 31, 2003, two of ATMR’s most valuable assets are a $184,000 electricity credit and a “39-space fully developed” trailer park in Eureka, Nevada.
Mr. Noyes had been a TIV director since 2002. Before TIV, Mr. Noyes served as President for a mining subsidiary of Emex Corporation. In May 2001 Emex claimed that they had secured “$100 million financing agreement from Credit Suisse First Boston.” Credit Suisse denied any role in the financing. Emex was forced to acknowledge that Credit Suisse had not entered in to any financing agreements after trading in its stock was halted. Emex Corporation filed for bankruptcy on December 31, 2002.
Given Tri-Valley’s failure to find and develop proven reserves, and success in producing press releases, it seems that Mr. Sandri is a fitting addition.
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