Lightstream Resources Ltd. LSTMF

RE:RE:RE:Lightstream CEO John Wright

[FootballFan1]

Thanks for your input Canadude and darkstream....just checked the press release regarding the election of LTS directors at LTS's AGM on May 14, 2015: All directors, including Mr. Wright, received over 94% votes for with less than 6% withheld.....seems like the large shareholders agree with you darkstream: They likely can't think of anyone better at either the Board or CEO level who is willing to step in and implement a strategy that is superior to that which Mr. Wright is already enacting....the damage has been done, and the only question now is how to move the company forward given its current circumstances......I actually think Mr. Wright is making some good moves, though suspending the dividend and re-negotiating the debt covenant were, in my opinion, necessities that anyone in the CEO position would had to have done........ One other thing I do like to see is Mr. Wright's apparent unwillingness to sell the Bakken assets at distressed prices - LEG CEO Trent Yanko made mistakes similar to LTS (except for the dividend payouts) and seems to be going out with a whimper by selling LEG in its entirety to CPG for a share price equivalent that was slightly less than what LEG was trading at when the "merger" was announced.....given the apparent 12-24 month window for the Bakken sale, Mr. Wright has given LTS some leeway to get a better price for the assets should oil prices and/or demand for Bakken assets appreciate considerably over the next 1-2 years.....however, like you mentioned Canadude, the issue remains who other than CPG would be interested and able to pay a decent price for the Bakken assets - ? - even CPG might curb its appetite for acquisitions if oil prices do not rise much and their current hedges expire over the next 12 to 18 months, forcing them to either enter into new hedging agreements at lower prices or be at the mercy of the market price of oil to fund their generous dividend and CapX program.....On the other hand, it seems Mr. Wright is determined to keep the Alberta assets and ensure LTS is not sold in its entirety - I assume so he can remain at the helm as CEO and keep collecting his paycheque and related benefits....this would be unacceptable in my opinion - if a suitor is prepared to pay a significant premium for LTS, it would be incumbent on Mr. Wright to present it to shareholders....as a last resort, there is the possibility of a hostile takeover at some point in the future, but those things can be messy......