Claren Energy Corp T.CEN

RE: Coastal had/has potential

[mjh9413]

Just a few last comments from me, primarily that with their ongoing tax and 2012 permit commitments, not to mention the loan commitment even though longer term, it strikes me that they are not cash rich and the last thing they should be using cash for is a buyback. I note they bought that submersible named Richmond in March but there is no consideration recorded under construction projects as at march 31st. Maybe I missed how and for what amount they acquired it but it is definitely not accounted for in qtr end numbers. I also remain confused as to why there loaan hedging prograam seems so costly every quarter: it was 10% of sales last qtr from what i see. Finally this whole business of having about 5million grossly in the money options just makes the idea of initiating a buyback and aggressively pursuing it a nasty idea for those of us who can only operate in the market.  And I do not see that the analyst community is applauding it. (Mgmt also has SRA's and RSU's: just how much gravy should these guys be getting!!)