money for nothing, page-7

Nice post Mitis,

Add to that the misinformation about the drilling rig and the contracting of inappropriate drilling rig. Because of the bungles, more shares have been issued (although not as bad as the convertible notes bright idea) and existing shareholders are diluted. Lets assume that Icon becomes the next QGC...with these guys at the helm, by the time we get there (after more bungles), there will be twice as many shares on issue than there need to be...and long-termers will have made half what they should have. There may be a huge resource, but to get the most out of it for current shareholders - and to create the next QGC - many good decisions have to be made over the next couple of years. I reckon with a 5 TCF potential resource - and potential farminees easily available once flow rates and reserve figures are available (which they should already be) - I could make this company work. However, I wouldn't be able to maximise the returns because I would be incompentent too. We need a good board - and then good management - to get things done properly.

I wouldn't be too averse to the idea of a mixed board, with RJ, RM and another indepedent. That would keep RJ on a short leash and keep the management structure in place. In the mean time a short-list could be put together.

As for the alterantive board nominating replacements for RJ, that is near impossible as anyone worth getting is probably already in a well paid positions and is not going to resign and wait around for the possibility of RB winning control. It would be nice to know who they have in mind though. Just can't see how they could do it.