Directors certainly disappointed today for not dipping into their pockets....you will recall one director lost over 1mill in the opes scandal ....he purchased them close to $1.
From what I understand they would have to dipped into some considerable leverage to convert options......this was never intended as they clearly had hoped for a sale prior to conversion date. Delays in many facets of the business and drop in IRR due to lower gas price were never in anyone's calculations.
As I said earlier today we should make some incentive options for them.....ONE THING IS CERTAIN these directors do have the bank onside I AM NOT SURE if this would remain if they were out of the equation.
Shareholders, although upset can become worst enemies to the ultimate sale. IT is not impossible that a partial sale will be made to reflect a better value overall,also to buy some time to allow more drilling and commence production....the REX pipeline is now open for business.
A Partner who earns a % by say drilling a couple of holes would do wonders for reserves and relieve cash demands.
It can be argued that a more delayed sale is in the best interests to shareholders......IMHO if some of the larger sharholders "give em a break" we will all be better of sleeping and in our pockets.
Directors and others would do well to think outside of the circle.
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