hmm ... I really hate to leave negative comments but by pondering about the whole situation it came into my mind that pride combined with greed isn't a good adviser in such a situation like the management of TAM was and is.
Their point is that they want to develop and commissioning Pine Point for their own. Okay, good, but they were with inadequate means! ...
Instead they failed in gage the market right. They've denied JV partners and dreamed further to get a financing despite of the current financial market. There are other projects out there, bigger, better, which couldn't get a financing. So the managment saw this but held on to their beliefs.
Okay, and now? ... the stock is down at a level where any financing is impossible. They failed to do one when TAM was traded around $0.45 to $0.50 cent. ... Wow, why not? ... but doing financings at a level when they bring such a big dillution for almost nothing? ... wow, leave me speechless.
And then taking the last money to get in a new property and project when Pine Point is the main project? ... not to understand. They could have bought in a new property when Pine Point would have been on its way to commissioning and when enough money would have been available, but not when the whole company is one step in front of the cliff looking down the abyss.
And now ... waiting for the liquidation? Thats bizarre. The answer of the management: ... totally silence.