RAMcap Ltd letter, page-92

A few of you are ready to bag the management and there have been a few clangers I will grant you but to think they don't care is over the top. I am sure they all want Troy to succeed. They have struggled through and paid of a lot of debt along the way. Had pit failures that if they had not happened we would be in a very different situation. I don't think replacing the board or management would be a positive move. Quite the opposite. The guys that are there now have a wealth of on hands experience.
Problem was paid to much, not enough reserves and to large a debt.