Is it worth another look ?, page-11

Monty.... Karl had almost 18% of CDM in ARQ. He obviously THOUGHT he saw something in them, but has either been misled, or has let his exuberance outweigh his investment philosophy of staging in and out of shares. Others have explained why Karl let the fund have so much in ARQ and apparently ARQ was so thinly traded, that Karl couldn’t get out. Hence the very low % in ARQ. Karl has joined the board of ARQ, presumably to try an extract as much investor value as he can for SH of CDM. I guess joining the board is one of the only ways of getting the full story, and having an influence on any decision re the sale of assets. My guess is that, that process is still underway, and because Karl is now on the board, one presumes that he thinks that there is still better value for ARQ SH and also those of CDM by an orderly process of either disposing of assets or improving those ARQ intends on keeping.