They clearly had banked on getting that extra $50 mill from...

They clearly had banked on getting that extra $50 mill from Guggenheim and some other miracles and hadn't provisioned for the current situation or even close to it.

Quote from the canned interview that took place on Dec 17th (this is David Prentice speaking) - just 4 months ago

'We are well funded to execute our HBP development plan through
to when operating cash flows will sustain future development (middle of 2015). We have
flexibility in our funding arrangements to reduce funding costs as our reserves grow and we
can re-institute an RBL facility. Our forward development program is clear so there is good
visibility on our longer-term capital expenditure despite any short-term fluctuations.'

They have basically zero flexibility now and are not well funded (contrary to what they led us all to believe) - the fire sale begins less than 12 weeks after this ridiculous interview and any asset buyer knows they have the upper hand here in bargaining.

These guys are completely defenseless when it comes to debating whether or not they should hang about.