RE: Millright [ExSudburyGuy]ExSudburyGuy2,
I don't know what management style the TM guy had, but I assume you are not commending him for his approach. It obviously wasn't successful. But if you're going to put every CEO that got financing to try and grow a company into his shoes, you're casting a wide net. Shouldn't Nash be judged at least no sooner than he could possibly have a business plan completed. And if you tell me that three and a half years is too long to take a mining company with $800 and some prospective property [which it was gradually liquidating - and not necessarily to the shareholders' benefit] to viable operations, then I question your perception of mining. You're not even waiting until you see a full quarter's operation at 25% capacity, to judge the man.
Its fine to say he's pounding on every door on Bay Street to raise more cash - I hope he has been checking all possible sources. But to say that's wrong, how about doing what I asked - tell me which financing he should not have obtained - and how that would benefit the long term prospects of the company. We know that the extreme of getting no financing whatever since he took over would not have worked. You are taking the position that what he's done is overboard. Your suggestion would therefore be somewhere in between. What would you have eliminated in financings, and which assets that have resulted from them would you eliminate? How in hell can start with nothing and move ahead with production without running around looking for cash?
I say Liberty is profitable in the last quarter, based on my assumptions from the information available. You say it is not. We'll know who was right in eight days. I'd have to say that I'll be a bit disappointed and have to eat crow, if they are not profitable - the reasons will of course influence my thinking on future assumptions I have made. I would hope that all those who can't believe the company could be profitable at these levels, will recognize the achievement, if LBE proves then wrong.
I don't really care what your investment approach has been or will be, as mentioned before, it is different than my approach. I also said before, your decisions have proven correct for your approach to date. Mine are longer term and like management's business plan, will not be judged by me, until the term is complete. What I do care about is criticism of the company that I feel is unfair, whether its by you, the manager who claimed he had never missed a target, or some of the nitwits that have no knowledge or basis for their bashing. I believe the accomplishment of Gary Nash to date is remarkable, and if someone compares it to a CEO with some failed bioscience company I will disagree, and question his judgement or motives.