Good luck G & W After reading the Q3 Results, McRae is as delusional as ever I see. Sitll making 'concerted efforts to unlock corporate for the benefit of ALL shareholders and the efforts are progressing' but at the same time announces that the cash burn intensifies. That is some serious 'concerted effort'.
So 30 tire kickers showed up (a 'value creating event' I assume) but nobody willing to take it any further than that. I wonder why?
As for RCP, something tells me that they just may put any further deals with BNC on the backburner. Why get mixed up in the middle of a corporate shake-up?
Good to know the VMC 'is expected to be completed this summer'. Nothing like nailing down a firm date to show that you have things under control and on schedule. Otherwise you'd have to explain to shareholders what the heck is going on....
How McRae can wake up in the morning and not seem to care about the considerable wealth he has destroyed is beyond me. To repeatdly still believe that 'great value' is just on the horizon when that day just never arrives and the asset that is BNC is a binary event from total failure, one can surmise that what is transpring is, indeed, by incompetent design. Despite the repeated, significant and very obvious failures, the hubris will not permit McRae to get out of the way and let someone else take charge of the company.
As G & W have pointed out, BNC going to zero seems the logical conclusion if McRae (and the BoD) stays in charge of this company.