I read the letter and there is nothing new in there - however it...

I read the letter and there is nothing new in there - however it does re-emphasise why we are in this mess - CRE.

In laymans terms, we were asked for money and we provided it - on trust - to expand our current holdings by looking and digging and producing. Then a 'unmissable' opportunity came up to buy a distressed CRE and the BOD went for it - after all, it was 'unmissable'

My problem with this is that it is not so much that we could not afford to miss it - the truth is, we could not afford to buy it and continue to operate effectively with enough free cash. We should never have touched it and I feel the BOD was not only disingenuous toward us but incompetent and irrational.

I was offered a Ferrari 308 fairly recently for a ridiculously low price cf. market prices. I could have reallocated my funds for living, mortgage etc and picked it up. To run it and get it to a condition where it realised its value would have been possible but caused me untenable problems day to day with core living and would have ended up selling half or more of something I held dear that was more important and valuable. I wish BOD had kicked the CRE tyres, sat behind the wheel and then walked away knowing that quite simply they could afford to buy it on the day but could not afford to own it beyond then.

For this and the 51% reasons and the lack of info to us the SHers, I am a firm NO. They are economical with the truth and now relying on crossed fingers and trust - not with my money my friends.