what a week , page-19

You are pretty much correct with your points here kiwi- From a pure accounting point of view the coy will not be profitable under the "truest definition".
Your post highlights the undefendable situation that this coy has through incompetence of technical directors on the ground in utah to extract gas - has wasted millions of shareholders money of former holders to fund infastracture etc I have held the share for 4 years + and have witnessed all the various situations .
Where we differ is i don't think marion i bought into 4 years ago exists today. The recent capital raising was effectively an IPO for marion mk II where all the infastructure was purchased for about $60 million ie $50 mill in debt and $7.8 mill raised.
I don't think it was the original plan to sell the coy down the river but the white/balck knight senario has come to pass.
It should not be forgotten any gains going forward were at the expense of former holders and there will a reconing at some stage. while i think you should always remember and learn from the past i have neither the time or the inclination to live in it. Most of us are trying to make the best of the current situation.
$200 mill in infastructure less debt is about $150 mill which is about 13c a share diluted . I don't think they will hang around if they get 5-10mccf out of their 16 wells they flog it off. I don't think working out long term cashflows is a big deal with this coy - any interest is currently capitialised so just means extra to come out of the middle.
My take is they will get production out of the wells 5,10 , 15 mmcf then get another IRR and then get rid of it.

But yes any gains will be at the expense of former holders who had faith in the info from the coy. But this will be Clarke's last coy no doubt so he is still in for his golden parachute of options which he must think are going to be worth more then 2.5c to him .