Instead of being shown the door for presiding over eye-popping destruction of shareholder value, the punitive consequences for all involved is merely to get shuffled into different roles, some newly-created.
At one stage I thought that a corporate acquirer would see value in CLG's $60m to $70m of Gross Profit, but I now wonder about the quality of that Gross Profit number and whether there are a few expenses which should really be included as CoGs, but which sit in the Cost of Doing Business part of the P&L.
Perhaps that's what the would-be privateers at Adamantem concluded, too, prompting them to walk away.
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CLG Price at posting:
5.0¢ Sentiment: None Disclosure: Not Held
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