I think you've hit the nail on the head. Very good at feathering...

I think you've hit the nail on the head. Very good at feathering their own nest. The issue here is not the competency of these guys in their chosen field of endeavour but their seemingly very poor understanding of capital markets and the nature of the players. If they're kicking as much butt as they claim they should be raising at par or even at a slight premium. Seems they enjoy being bent over by Cannacord (or more likely don't even know they're being bent over)