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7/11/13

Randy Reichert, Veris Gold, (VG.to), Stockwatch, JJ and instant classics

Stockwatch's Mike Caswell is, of course, wonderful. From here and below is the public viewing bit but I promise you, hand on heart, that it's worth taking out a 12 month subscription to Stockwatch just to read the whole thing. Reader 'JJ' alerted your author (ty sir) with a mail entitled "Instant classic", which is spot on.


Veris Gold Corp (C:VG) 
Shares Issued 107,641,344
Last Close 7/10/2013 $0.49
Thursday July 11 2013 - Street Wire
by Mike Caswell
Veris Gold Corp. says it fired its former chief executive officer, Randy Reichert, after "very serious problems" that included an angry outburst at a trade show and an incident of "inexplicable rage" at the Jerritt Canyon mine. His treatment of employees was abusive, intimidating and degrading, the company claims. The problems were serious enough that they amounted to just cause for his termination, according to Veris.
The company is responding to a wrongful dismissal lawsuit that Mr. Reichert filed in the Supreme Court of British Columbia on June 14, 2013. Mr. Reichert complained that the company dismissed him from his job as co-CEO in a "high handed" manner after he questioned possible inappropriate actions by senior executives and board members. Among other things, Mr. Reichert had attempted to block the company's chairman from buying shares with knowledge of a potential takeover bid, the suit stated.
Veris, however, says that that it had just cause to fire Mr. Reichert. In a response filed on Monday, July 8, the company lists a number of incidents in which he mistreated employees "to an extent far beyond acceptable boundaries." Among other things, he humiliated employees in open view of others and reacted angrily when anybody appeared to question or disagree with him, the company claims.