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Devilbhoy
True Ryan’s performance has been lacking, but that has been the case for the better part of two years, yet he remains. Ultimately the responsibility for the success (or staggering lack thereof) of a company falls on the CEO.
dbh
How I wish I had sold long ago, now the shares aren’t worth enough to bother selling. How is the market liking the news?
Foolsgold
It’s fairly easy to explain why this hasn’t helped the SP, although we have some cash now there is also essentially 50% more shares today than yesterday.
Foolsgold
Yes he has once again sold shareholders down the river due to his failings.
Knw777
The CEO is in a situation of his own making, he gets no sympathy or slack from me. He is responsible for the situation of the company. So he doesn’t get any slack for putting himself in a bad position and having to take terrible financing to get out of it.
I wonder what the bond package will look like this week? Hopefully the same terms as the winter bond package, but more cash this time.
Will be nice to get the JV and eventually a new senior loan started to get out from under the current SCF lender and BHs, which seem intent on squeeze COPL as he’s as possible in the interim.
RBM
I can’t speak for the original poster of the message, but it certainly seems reasonable to think they knew $4m wasn’t going to be enough for COPL to accomplish anything and if they are working as closely with COPL as they say they would also know that new senior debt in not close. So why diddle around with amounts of capital that aren’t enough for COPL to actually accomplish any of it’s goal?
From the Telegram group, a slightly different take from the usual on this BB;
“This is the catch 22 Arthur has put himself in.
The Bondholders clearly aren’t willing to lend him enough to get on with things, or they would have done so last time and not just doled out enough to keep the lights on for a couple months. The BHs must have known then the few million they were giving COPL was not enough, so why bother other than to continue to bleed them out? They have maneuvered themselves into a ‘sole source of lending’ position, they have a right of first refusal on any new equity sold by COPL.
But Arthur needs a significant amount more funding to make his business viable enough to qualify for conventional lending.
So how does he get himself out of this?“
“The other downside is that the current senior lender is entitled to the proceeds of any Wyoming asset sale. So even if Arthur sold off the new find that money would HAVE to go to the senior lender.
Which is why, as I have said many times, he will give up 85-95% WI in the new find for a no-cash up front carried position. if he can swallow his ego long enough.”
Stats
You are never going to convince true believers. Their motivated reasoning is so strong they will do whatever mental gymnastics they need to go convince themselves that Art isn’t a complete disaster for his shareholders.
Shaa
Well the good news is that the AGM is after the next few days and weeks, so if there are shareholders who still aren’t convinced that the board near removal they can wait to see the outcome, or lack there of, over the next few weeks before casting their vote.
But in the interim, everyone should contact their brokers to ensure they can vote their shares, it is our duty as shareholders.