simon ... re some of your points - 1.Keep admin low wile assets...

simon ... re some of your points -

1.Keep admin low wile assets mature. Don't hire bunch of new directors & give them free options to keep them interested.

2. Re financing - JC is not a idiot .McQ. cr only available to extent it is backed by sales/production.

3. Re convertible - is cheapest finace available.. Better than placement to sophisticates / mates at 20% below marker price.

Converting to shares not dilution. Each share convered brings in cash equiv. of 67 cts.

4 Why issue new convetibles now ? So can get on with horizontal in N. Stat.5.

5 Not a good idea to negotiate sale of S. Star & have them think you are a forced sale. No hurry to sell while drilling horizontal. Time on AZZ side.