Ann: AGM - Managing Director's Presentation, page-107

I have been in and out of ALK for many years and yes I have bought ALK at 18c few times not once. Many keep bringing up the free share from ASM but that is the only thing they made money on - unless they traded ALK like few of us. If they held for the last 20plus years then.. I rather not comment.
Take that component out and ALK is underperforming big time. Look at the SP while they have a mine that makes good profit and massive discovery that is not reflected into the SP. Most goldies recovered from the lows and while not being near their peak they are certainly well above the bottom but ALK still lingers near the bottom.

In regards to your first paragraph - yes, if ASM will go back to above $10. And what if it never goes there but many are still holding or buying now? This is mute point to argue and not related to my point of the management and the Chairman's competence to read the market and take advantage of certain situations like the unreal high SP. They should have done CR when SP topped $10. ASM had around $1.5bn MC at that time - not bad for a company that produced nothing and therefore was not making any profit but burning cash. And even now it produces very little and still burning cash.
Imagine if they did CR for $10 instead of $1.72 and issues same amount of shares. Think how much funds they would have raised for the same dilution.
Point is, certain individuals have their fingers in too many pies and can't focus on any one in particular. And that can impact how they do their job when managing ALK. If they are dealing with issues at ASM do you think they are 100% focused on ALK? I doubt.

Good large investors understand these things and know when is time to put someone else in that Chair. Someone who will represent their interests but will focus all their energy on a single company.

all my own thoughts..