Toubani Resources Ltd T.TRE

Chandler

[arisaig1]

While I applaud the recent protests by Chandler and Davis intended to protect shareholders from losing everything in a bankruptcy process, replacing the BOD and Chairman does not change the fundamental issues facing TRE.1. They cannot clarify the related party relationships and other issues to the point where financial statements that can be supported by an audit opinion can be issued. Best case, it sounds if they reach the point where the issues are addressed, it will result in a restatement of previous financials. What will a new Chairman and BOD do differently?2. The absence of Q3 statements puts TRE in default, and the bondholders can move the company to bankruptcy if they have enough votes. I think the decision to withhold the interest payment is a red herring. TRE is in default as a result of the Q3 results regardless.3. Would a new BOD and Chairman be more effective in negotiating with the bondholders? Maybe, but the bondholders still have to be persuaded that they will get more of their money back by NOT voting for bankruptcy proceedings.Maybe Chandler has a plan that will unfold quickly, but the time frames are short before this situation cannot be salvaged.