RE: NUMBERS???"Here is a question for the sake of discussion. Would investors have been so bitter if they had gotten the approval for the financing before they tried to sell it to the shareholders as a done deal??"
I would say no, they probably wouldn't. However, since the proposed financing did not violate any published exchange policies, I don't believe it was unreasonable or incompetent to believe that it was a simply a matter of protocol to have the exchange review and approve it. It was announced and submitted to the exchange in accordance with the rules governing the listing and disclosure.
Instead of the shareholders being bitter at management, shareholders should be asking the exchange why the company was not given a response in a timely manner. The exchange asked for details, they were provided. The exchange asked for background checks, they were provided. The exchange asked for a plain language explanation of the "novel" financing option, it was provided.
What the exchange did not offer in return was an answer - approval or disapproval. Why isn't the financing done yet? We're fortunate the company still has the option, after having it sit for 10 months while the exchange tried to figure out how to answer "yes" - or - "no", to allow the company to continue on. With any luck, it will get done.
Why hasn't there been any other significant activity? With an option like that left hanging, there are very few opportunities available - it's pretty difficult to enter into any kind of negotiation until you get a clear response on what's already been proposed.
I don't know whether Matheson's a great guy or not. I do know that the story is pretty simple to follow, and the company's published account of it is a credible one. After all, the exchange that held up the financing would claim to have done so in the best interests of the shareholders. In that respect, they wouldn't let him say the things he said about them if they weren't true, would they?