Ann: Chairman's letter - Scheme of Arrangement, page-39

@defabs said :
March 18 still averaged around US70, which was higher than the overall average for the Dec quarter of US66, which was just below breakeven. Even if March 18 was a slight loss (which it should not have been as it should have been adequately hedged), the weighted average for Jan and Feb should have worked well for Atlas and made it a profitable quarter overall.

It sounds OK, but on closer analysis I came to the conclusion that this is a nonsense statement.
For last few years I am looking for a magic, successful hedging formula and can't find one. The only formula I know is that on average those who provide hedging win.
@rcman was predicting that discounts will shrink, he even stated that they are already diminishing. If Mr Lawrenson listened to his advice he is a fool indeed.