RE:RE:RE:RE:RE Interview with Garth Braun CEO of BlackbirdA company of this size and ability could have very easily drilled the wells it did to prove up the play. Then start a stratedgic Alternatives process. See how it goes. That alone would have run the stock up. Then look at all the proposals from all cash to all stock etc. etc. This could have been very very lucative to shareholders. But it would have put an end to the managment jobs. Management teams are trying this approach all over town so it is what it is. BBI could have been sold for a nice number or shares of a bigger company that could see this project thru.
At the end of the process maybe you still go and raise money but you have to explore. They would not have had to wreck the company by issuing so many shares and killing shareholder value for a long long time.