Ann: Titan Receives Increased Commitment to US$75M, page-64

Without getting bogged down in the details the point remains: raising money is no guarantee of future success and previous failure is also no guarantee of future success therefore to take comfort from either of those things is nonsensical.

In any case the track record of Gulf South is a best opaque and at worst all the available evidence points to them not having anything like the firm capital that is suggested in announcements. While MAD is a different company TTE now has MAD's previous executive director, MAD's previous "reserves" consultant, MAD's previous asset and MAD's previous "financial partner" therefore the relevance of MAD's performance to this stock is indisputable.