RE: Catalyst for CRK Tank - when you scr*w over investors for a three or four years by constantly over-promising and under delivering, one tends to build a reputation and one of the NEGATIVE kind. Few would have nice things to say about Forbes & Manhattan's tenure of leadership here. But, in spite of the "buyout" by Luxor Capital, this company is still being run by F&M (Stan Bharti) cronies.
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Me thinks it is going to take some time to overcome the bed reputation that has built up over years.
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That said a POG breaking out to new highs could mask some of the disappointment. But for CRK to get to valuations commensurate with peers, it is going to need to demonstrate it can mine underground at Cosmo, it can get to commercial production at Cosmo, it can make a profit at Cosmo and it can develop some near mine RESERVES at Union Reefs or International. That is a pretty tall order. Without the positive cash flow from the Victoria State mines, CRK would be out of business by now.
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So be patient, the Old F&M Managers may yet change their stripes and if they do, perhaps in mid 2013 the market will start to believe and that "extra" value could be unlocked. But, hey - a lot can go wrong between now and then.... and stripe changing.... may depend on if they bought the right straightener...