GREY:ROAOF - Post by User
Post by
gwrbion Dec 31, 2008 5:14pm
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This whole thing is bizarre
This whole thing is bizarreI find it bizarre that only a month ago the Board cancels an approved financing - because it was too dilutive, and instead decide to file for bankruptcy. Am I an idiot to think that dilution (and survival) is far less punitive then bankruptcy?
Further, they go through this process with RBS to raise $49M in short-term financing, only to find out RBS (or others) aren't willing to offer any further advances. Further, they go through the charade of pre-approving the new share issuance to satisfy the pending (or potential) success fee to RBS. And now, 12 days later, seem to threaten to pull everything off the table.
There is some of game of something going on. Or is it an RBS issue, whereby they have had their hands slapped, and now their lending guys are embarrassed. Or is it the recent plunge in oil to the mid $30's, that has made the whole thing unviable.
The Company has to show some leadership and communicate better to its investors. Whatever happened to stewardship and good governance in the best interest of the shareholders.