Great post Fish, this is the essence of the problem. Production...

Great post Fish, this is the essence of the problem. Production issues from 1993 were raised during IPO Due Diligence and CD assured Pattersons they had that problem solved. So, they spruiked the IPO on the "this time will be different" because the closure in 1993 was due to collapse in Graphite Price, and nothing else. Maybe they really believed they could overcome the production problem, more likely:

ARROGANCE, BLIND FAITH IN THEIR ABILITY, GREED, INCOMPETENCE, OVER PAID EXECS, VESTED INTERESTS, CONFLICTS OF INTEREST.

BTW, I got out of SER 0.12 during the Mega Graphite farce.