FFB-
You wrote: I feel if the R/S is handled in the right way reducing the float could in the longer term be a very smart move.. Handled poorly and we all are in for more pain...
Handled poorly? Is it impossible to see how poorly this has been handled already? How much lower does the share price need to go? How can the man in whom you are placing your trust sit idly by, ignore his fiduciary responsibilities, and remain silent as the stock drops daily. Regardless of what is causing it, it is the CEO of the company who is responsible for fixing it or at least attempting to do some damage control. Why is it? Is he merely inept? Is he too busy with other things? Does he just not care? He has a responsibility to the company and to us his co-owners of the company. He is not fulfilling it. Do I wish to replace him? No. Do I wish that this whole situation was presented more responsibly, with more foresight, with more concern for the shareholder, with fewer unanswered questions and gaping holes? Do I wish he would display more trustworthy traits instead of expecting us to trust blindly? Of course, and I don't think there is a person invested in this company that will not agree with me. If that is true, I still have a hard time understanding why people are not demanding him to "step it up" - demand that he show us why he is trustworthy; demand that he fill in the holes; demand that he communicate with us. This is not a lot to ask... demand... and I say demand because he knows we've been asking... and waiting...
The following is from my unsent letter to the CEO:
I can only ask you to be fair to us, your supporters. We have been with you for awhile, some for several years. Like you we have worked hard for our money and we have used this money to purchase a portion of this company. We deserve to know what’s happening. We deserve to know what is going on with our investment. I have some questions for you Mr. Bitters: Have you been saying that the company will dissolve if the RS is not approved? As a responsible CEO, why are you not looking at alternative measures? A reverse split is not the only means to get funds, why are you not attempting to obtain financing in a more shareholder friendly manner? We know you are determined to have this proposal to pass as is, and part of your MO is to deny that there are any alternatives. This is irresponsible and borders on dishonesty. Give us something real and fair to vote for. “My way or the highway” breeds contempt and bitterness, Mr. Bitters.
Is there anyone here who thinks that what we have been presented with is the only means by which the CEO could have raised the needed funds to "drill 24/7"? Anyone? Neld? (still waiting ;) Hawk? Someone who had spoken to Bitters recently mentioned that he has no alternate plans. He has no alternate plans - at least none he would care to discuss. Does he have plans to communicate better? We hope so. Does he have plans to not dilute massively? We hope so. Does he have plans to involve shareholders in company plans for the future? We hope so. You mention that many posters are losing what respect they once had with all the negtativity they constantly are posting. There are many issues involved here, but one of the biggest for me is respect. Would I rather have the money or would I rather be respected? What about you? Sure I'd love to have both, but if voted for this proposal, regardless of what happens post-split, I would never have both.
You wrote: Again not looking to cause any trouble.. It amazes me how so many feel that by constantly posting all the negativity on this board they feel they are helping the value of their investment.
Many feel already that the value of their investment has been severely compromised by the CEO. I think that's pretty obvious. Many feel distrustful, embittered (intended) and betrayed. This is one of the few outlets they have. God knows my wife doesn't want to hear about it anymore. If you want them to stop, call Bitters and tell him to get off the phone and communicate with us. He could stop this mess in a moment.
J5
PS- Will someone, anyone please comment on jacobboaz's message #31927. This is a big deal. C'mon you 'for' voters.
AI
