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6/29/12

Jaguar Mining (JAG) (JAG.to): Handbags at dawn

Wonder-fun developments at Jaguar Mining (JAG) (JAG.to) this evening. Here's the link to the NR, here's the content that matters:

BELO HORIZONTE, Brazil, June 28, 2012 /CNW/ - Jaguar Mining Inc.  (TSX: JAG) (NYSE: JAG) today announced that Daniel Titcomb, the Company's former President and Chief Executive Officer, has filed a lawsuit against the Company and three of its directors in connection with the termination of his employment as the President and Chief Executive Officer of the Company.  Mr. Titcomb was terminated on December 6, 2011.
Among other things, Mr. Titcomb is alleging that his termination occurred as a result of a change of control and is therefore entitled to three years of compensation plus three years of bonus.  He is also claiming an unspecified amount of damages under applicable New Hampshire employment laws.  Jaguar and its directors believe the claim to be without merit, will vigorously defend this lawsuit and will take any steps necessary to protect Jaguar's interests.  Jaguar also intends to proceed with a counterclaim against Mr. Titcomb for, among other things, breaches of his fiduciary duties to the Company prior to his termination.

IKN back and rubbing its pathetic, grubby little hands with veritable glee. Why so? Because it's at rare moments like this that we retail players, so used to putting or trust into the black box directorships of junior miners and ending up anally violated for the privilege, get a glimpse of what goes on behind the scenes of these dirtbox companies. Sooo....bring it on Dan Titcomb and friends! No out of court settlements please and wash all that dirty linen in public. You know it makes sense.

dyodd