RE:RE:New CEO Corner Blog by Ross McElroy, President and COOQuakes, isn't it possible that adding some new board members could actually be healthy?
This board came perilously close to swapping away half our value for what many feel was insufficient compensation, and without a PEA in hand, or extensive summer drilling results in hand.
That wasn't prudent and that deal was NOT in FCU SHs' best interests, IMO. If I recall correctly, you decided in the end to vote against the merger for those reasons too. We all know how unique RRR is already, and there's still huge potential.
Do you believe that the board adopting measures to protect themselves is entirely a good thing? Especially after what's transpired over the last few months? How and why should we trust them? How about a show of good faith?
I'm not talking hugs (and Dev doesn't turn me on anyway), but conservation of funds, starting with a tight and reportable travel budget for starters. If this is a bad time to sell, why on earth does Dev need to be globetrotting these days? Apple and Google probably spend less on CEO travel; I bet they use Skype. Maybe a reduction in compensation for the executive, in partial acknowledgement of the time and money wasted on the merger deal.
Hypothetically, if a new board were installed and didn't belong in the pocket of a Major, they might actually bring trust and transparency (and a smaller Admin budget!) into play. And if a new board did belong in said pocket, a hostile attempt to steal the company would still require >90% votes to approve, right? The board couldn't just sign it away. Just as they couldn't give LL the bargain-basement price he hoped for. So maybe some change at the top isn't a fatal illness. (It could have saved the Conservatives too.)