Lightstream Resources Ltd. LSTMF

RE:RE:Biggest Unfathomables For The 2014 Restructure Plan

[JohnDD]

Clearly a problem with stockhouse's system. Typed this post up with a number of paragraphs, but the system put the post into one paragraph. I attempted to fix it and repost. Lets see if it works. When2buy said: "What is truly unfathomable is that the Chairman of the BOD has not been removed and that the current management team is given the reigns to bring the company back from the brink after historic denial of the company economics." I agree, in my view there has been poor management of the balance sheet for some time. As many of us who have been around for a few years, the stock took a dive in 2011 due to some poor balance sheet issues with respect to a "Put Option" in the convertible debentures. That took us down to around these levels until they arranged new financing and sold some assets. It's like de ja vu... Some of the changes made last week should have taken place a year or two ago. We were being told as recently as this year that the company would "grow out of debt" in 1-3 years rather than "shrink out of debt". Yet hear we are attempting to shrink out of debt. Growing out of debt was clearly never a realistic plan and the shorts and many others could see that. Hats of to those who called this right. I have once again learned to respect the shorts - the hard way. My own view is that a lot of the responsibility for this balance sheet mess has to lie at the feet of the CFO. He seems to have the answer to plenty of minutia, but does not seem strong on long term financial planning and solid balance sheet management. Plus we could use a more dynamic CFO to convince the investment community to step back in. I think we need a stronger CFO who will put his or her foot down when John or others want to spend more money on land or drilling wells when the company clearly can not afford it. Or take appropriate steps well in advance to avoid problems and be able to capitalize on opportunities. It really is a shame that we do not have the financial capacity to buy back our shares at these levels. It seems like the company has finally realized they need to be more disciplined about managing their costs, debt and balance sheet. Unfortunately for us it has come late. I assume that this will be dead money for quite a few months. As the company sells off assets, hopefully potential suitors see LTS as an attractive company to purchase. I will gladly take an offer in shares from either CPG or VET. Both are well managed firms that have some overlap in LTS plays and trading around double on EV/BOED basis - so the potential for a deal exists at a price somewhere in between.