my take on the recap, page-12

I agree, the assets have a lot of potential. However, potential is worth zilch unless it is managed well. To that end, JPR's unfortunate.

Also, what "upside" remains for existing shareholders? Not a great deal. Anyone who thinks the deal is good is simply kidding themselves.

Time will tell if getting Waterford on board is a big plus. For Waterford, most definitely. For existing shareholders, I'm not so sure.

In the previous announcement, they alluded to a farm-in, and many incorrectly took that as a sign that the board was up to the task of negotiating a farm-in. Well?

In summary, great assets and great potential does not necessarily mean great returns.