Why no Repsol stub? Globe and Mail timelineTLM illustrates the dangers of all publicly traded equity ... let's face it, here in the US, for example, there are quite a few family-owned businesses that are quite profitable, or one man bands that employ 10 to 100 people, but if you and I can't get in or work in other professions, etch, you look to the public markets. This was a lot of bad luck, all the way around ... Icahn should have broken the company up, not played nice, maybe he had no choice ... not sure- HK and others were making big bucks and yet seemed to never find any solutions ... like pay Sinopec to get rid of North Sea, give them a piece of TLM in exchange for other concessions, etc. If you read the TLM annual reports and letters to shareholders over the last five years, this was never presented as a company that could turn cash flow negative in 6 months .... I never dreamed we could go overnight from a 11 billion company, to what, 5 billion? HK was a big mistake, he was on the board that went into Peru, Poland, Sinopec deal, etc. Kurdistan was a mistake ...not because of ambition, geology, etc. but the legal title, land rights, cash flow, earnings was a no-go from the start KRG was clever, pay us up front, we promise you secure rights and cash flow in the future Iraq never made a deal(?) until ISIL was one to three hours/days away from Erbil/the oil fields ... now there are more problems All due diligence said the company was with at least 12-16 broken up, and they sell for $8 At least give us a Respol stub for future play in what we had .... Ironically, buying Apple was a better bet, then the value play that paid a dividend, TLM .. I knew we were all in trouble when it was being sold off at 5% to 10% per day and every day HK and Icahn were silent during these time periods (see Globe and Mail time lines ...we almost got out at $13) Like so much public equity, we got **** and it probably won't be the last time ulysess