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The meaning of words

Posted: Tuesday, July 24, 2001

It was with great dismay that I read your report of Judge Collins' decision regarding this issue. I am a shareholder of Huna Totem Corp. and was raised in Hoonah. I was not privy to courtroom strategy and did not witness the court room proceedings. However, I can assure you that I did witness the hearings and meetings that lead to the Trust creation and I can tell you that the Trust as it came into legal existence is NOT what the shareholders believed we were getting. I can assure you that my fellow shareholders, many of whom are law-abiding, and hard-working individuals, are for the most part ignorant of the legal and technical aspects of the process that took place.

The then and some current members of the board of directors of Huna Totem Corp. seem to fancy themselves "wards" of our well being. I can assure you that any group of people educated or uneducated are equally adept at losing $117 million. It doesn't take a person with the title of "director" to be qualified to lose such a large amount of money. The issue at hand is what was promised and what was delivered. Now it is a tragedy that legal action has to be initiated and lawyers battle over the use or meaning of words. The shame of this situation is that the same people that lost $117 million in the first place are now asking shareholders to trust them with another $35-45 million in cash.

Truly another tragedy waiting to happen.

Torvald Knudson

Clearwater, Fla.



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