Second Wave Petroleum Inc SCSZF

RE: left hand right hand ...

[idleSpeculator]

I agree Rick's strength was with contracts, Tech7 deal proabbly saved the compnay financially. Re Financials, the compnay never raised millions in the PP's last year, they sold millions of shares for 100's of thousands, I think $600K pp plus $180K loan from Charles Walker. At the time they claimed ot have a burn rate of $30K so it looked like we had cash for 10 months or more. That we were out of cash by August suggested the money went somewhere. I have been told new techies have been hired, whether it was enough is another question, you buy in a new team overnight, it does take time to assimilate new IT staff, at least on the programming and implemenation front. I have to agree that I too was concerned Rick was recieveng no income and was not seeing new share options. I think there were serious questions as to whether the board could ever raise the cash required for some of Ricks proposals. Those proposals that hinged on TT/SB did really need to see TT/SB successful even on a small scale, new deals may well have put yet more pressure on to deliver more systems when we were struggling to deliver a fraction of current committments, a potentail recepie for disaster. Funding and managing Markham remains a key issue. The cash raised was evidentlty from Augsut accounts not enough to fund the compnay satisfactorily. Sub 10c SP and ongoing failure to deliver on any predictions lefty the compnay with nowhere to go, I can imagine that would be extremely frustrating for Rick. SCS simply is not big enough to support Ricks more ambitiuos expansion plans. Maybe there is a window for a reconnection in the future if we can get SCS on stable well managed and profitable situation. From there raising the larger sums required for some of Ricks ideas become possible. August 2003, costs had been cut to keep shareholders we were getting closer to long promised breakeven, all but crippling Markham, no disrespect to John L and John F. imo an insane situation brough about by promising to deliver more than they could to major investors. Here is where BOD has let shareholders and compnay down, not being able to paint a large enough and realistic enough picture to raise sums required, hire and manage the right people to get the job done. There was a time when we they could paint pictures and raise large sums of cash, but compnay did/does not have the right people at the top to manage successful project development. It is crucial this is sorted, the next person and the financial backing they receive is make or break. jmo idle