It reflects on how desperate CMR/board were at the time, no other financier would touch them, so in steps chairman to save the show and ends up with a massive exposure now totally out of his control, brilliant or what.
CMR had limited options, I don't know if they could have drawn down more funds from Cornell, who with the rest of hedge funds would have been scratching at the time, so VA back then was a reality, from shareholders perspective he just kept the charade going longer at his own expense.
If he couldn't look after his own money properly how could he be trusted with others.
In his defence he will say genuinely believed they could turn it around otherwise why tip in such a large amount.
CMR Price at posting:
15.0¢ Sentiment: None Disclosure: Not Held
