RE:RE:directors of twin butte and ccaa Bojangle3,
I am reading your post as I am reviewing my TBE investment file before I put it away.
I am no expert in responsibility allocation but you may find it useful to look at the two following links ans quotes from the links that I kept in my notes.
https://www.albertaoilmagazine.com/2015/06/the-directors-chair-john-brussa/
“There’s that old expression that when the wind’s blowing hard enough even the turkeys start to fly. Well, now the wind isn’t blowing very hard at all. This business, which is one I understand more than most, is almost a pulley system between liquidity and ideas. Sometimes ideas win the day, like they do now. And sometimes there’s just so much liquidity in the system that the wind’s blowing hard enough for even the turkeys to fly. But we’re in a situation now where the turkeys are all totally grounded. And for some of them, Thanksgiving is coming early.”
https://www.artberman.com/returning-to-market-balance-how-high-must-prices-be-to-save-the-oil-industry/
“Debt-to-cash flow is a critical determinant of risk from a bank’s perspective because it measures how many years it would take to pay off debt if 100 percent of cash from operations were used for this purpose. This means that it would take these companies an average of 10 years to pay down their total debt using all cash from operating activities.
The energy industry average from 1992-2012 was 1.53 and 2.0 was a standard threshold for banks to call loans based on debt-covenant agreements. That threshold increased in recent years to about 4 but 10 years to pay off debt is clearly beyond reasonable bank exposure risk.” (my underline and my bold)
My humble conclusion is that turkeys do not fly very well and it is hard and embarrassing to run away with your pants down.