To all you suckers that paid over $0.50 / share good luck to you. The latest announcement shows just how desperate they are to complete a deal, first one proposal and then another and further how desperate Maui are to get out and recover what it can - see my earlier post- the managers and directors (shareholders)have already been paid big bonuses/shares for past performance which has now been written off - yet they get to keep the "at risk" bonuses and shares - why?? Seems like a typical private equity shareholder deal to me - buy in - get on the board by virtue of shareholding - engage your own CEO - pump it up for all your worth and then divest when trouble looms. One is left wondering how much profit is in the latest $48mill of new business that was recently announced or the forward order book. In my opinion RCR would be best to withdraw and leave the demise of the company to the people who put it into such a sorry state and let them suffer the wrath of the shareholders. If RCR hopes to apply its turn-around expertise they should know from past experience to this one they should heed advice- you need to change the crew.
NFK Price at posting:
46.0¢ Sentiment: None Disclosure: Not Held
