Board and Chairman are shareholders too. I don't believe MAG sabotaged itself to end up here. Chairman is a savy financially minded chap - I don't believe MAG is asleep at the wheel.
To me, the more educated guess is that a preferred deal has not transpired given the rapidly deteriorating market conditions, so we are searching to find the best deal, not find the first one!
But we do need more cash, so it will sting, if raised in double digit cents for many invested here (myself included).
