It would have been good if they did take up some of their rights but they didn't. The rights issue wasn't a good deal by the time it got to the retailers. It didn't help that the drilling was done and the next price catalyst was months away. However, IF they had taken up their rights, what difference would it have really made? Maybe retails (including management) might have taken up $3m? It might have encouraged some more to take up their rights but many appeared to be very committed in their decision to pass on it. Scott said recently they were going to participate in the shortfall. Seems odd to me but there are always things happening behind the scenes which we don't know about so there may be some very logical reasons for that which we are unaware of. Whatever, it is what it is and there is nothing we can do about it except to move forward.
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It would have been good if they did take up some of their rights...
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