RE:RE:Tough, it is; part 2 DH and WWA good posts.
The unfortunate fact of this equity is, the company was sold down the drain maliciously or by pinheads. Maybe both. That is my opinion.
The KDI deal turned what was a profitable and investment grade new mine into another spec play struggling to pay its debts. The fact the powers that be supported that stupendously stupid move and executed it without seeing the eminently foreseeable results, disqualifies them as capable and or competent. No one is going to forget that.
I don't care what happens with the KDI acquisition in the future. By some miracle, it turns out to be positive still doesn’t alter, timing was wrong, the price way to high and our partners, who control the mine, were not on board. Any one of those conditions unfulfilled should have been a deal killer. Wish I was a fly on the wall when our BOD put that together. Do you think we could have waited a bit and got better terms ? What was the hurry? There is no need to answer those questions is there.
DH you commented that MPVD is able to service its debt. That is not how the market looks at this company IMO. Market sees a company with an inept BOD and management looking to enrich themselves while struggling with what has become a barely manageable debt load. Both self inflicted wounds.
Our only salvation is an uptick in the price of rough diamonds and replacing current management with anyone the market can trust. Both of those things need to happen. I am on the same boat as WWA . Wish I had a crystal ball.