RE:RE:short term forecast The present situation reminds me of the 1983 movie war games where a supercomputer plays out a nuclear war scenario between the Soviet Inion and the USA.
No matter the variety of tactics, the result was the same... total destruction.
The computer then states "it's a funny game, the only way to win is to not play".
That is kind of like corporate governance. When it comes to your reputation, the only way to win is steer clear of any conflicts of interest (real or perceived)!
Binnion overplayed his hand with the proposed transaction. Not too late to walk back from it from a legal perspective but could be hard to regain the trust of shareholders.
I believe that HWO should continue to advance the orderly wind-down of the company in a way that maximizes shareholder value for all.
Perhaps we have to wait 18 months to secure contracts and find a buyer for PNG. The Canadian Business is already in run-off mode so the same timeline seems to also apply.
Cyrus want out having been stuck in this for over a decade.
If Binnion and Maguire have a path forward and want to stick around in PNG for a while, then Binnion should find a new Chairman and step back from the Board to organize a fair and reasonable offer that can be independently assessed by a functioning Governance model. That could include one or more offers for different components of the business in either a public or private entity.
At the end of the day, we are all just trying to make some money. Maybe one day I'll have a good story to tell my kids regarding ethics and moral behaviour.
LR