Tinfoil Hat I find that my theories are getting wilder by the day and I need a tinfoil hat...
So in terms of delayed earnings, optically it looks like the cause was the Marathon negotiation. However, TH would have known they were short on cash, hence the ATM activity in Q4 and likely could have already started talks at an early stage.
Alternatively, TH could be disguising the "blackout period". As earning butt up against the end of Q1, the blackout period is now extended again. This keeps TH from tipping its hand by needing to say the blackout period is extended due to ongoing partner/deal related negotiations.
I know it is pretty crazy, but I just struggle to rationalize how the BoD or Management can remain intact while taking risky bets and watching the SP implode. Or do we need to start a #DawnIsGone #BringBackLuc campaign to get some in the Chair that will take a diciplined apporach to value creation.