Paul Poli really isnt providing a lot of leadership or direction to the company, other than continually disputing the JV arrangement with LGA who actually have the skills to go mining and try make some money. The company is paying the chairman an egregious salary for zero performance. His salary alone is 4% of the companies market cap and the whole board are paid 6% of the market cap.
Thats pretty poor business for any shareholders, good business for the chairman and board.
The way I see this playing out is any profit from the JV keeps the companies coffers full enough to pay the board and keep the lights on while no capital appreciation takes place for equity holders.
Ann: Devon Joint Venture Update, page-4
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