To quote that well knows saying "the definition of stupidity is trying the same thing over and over again, expecting a different result". My view is that, although a shame it was not done earlier, ONLY change at the top level can potentially rescue this company. The legal case will now have to play out but you cannot have a board run this company succesfully where NOT A SINGLE director has any industry experience (and, worse, they ignore industry advice).
Even Cygnet, who heavily backed Matt Birney in particular, must know that was a mistake (in and of itself that is not a crime - we all make mistakes). Hindsight is a wonderful thing. Emotionally, however, it will no doubt be difficult for Cygnet to change horses again but its the only way. Might be worth a chat to somebody at Cygnet (assuming they haven an open mind).
IMO: with a new Board there is a 10-15% chance this company can be rescued. Without it, the company will not recover (don't forget the Con Notes issue is just about to be played out too - massive cash out the door or massive dillution....both crappy outcomes).
....just bought that fishing rod....
CKK Price at posting:
2.2¢ Sentiment: None Disclosure: Held
