"The tumult and the shouting dies,
The Captains and the Kings depart".... Rudyard Kipling
And so it was on Saturday. It would be difficult to relate enough details to satisfy everyone's curiosity about the meeting. I will try to provide some insights but this might take several posts.
For purposes of full disclosure, I opposed the RS @ 25/1, I opposed the AS increase to 500mil, and I opposed failure to split preferreds. If you have read my "treasure in a field" post, you know my feelings about the value of this company, and why I felt CB was trying to get a greater stake in it. And you also know that I ended that post with the question "Wouldn't you?".
I met about 10-11 other shareholders about whom the worst thing I could say is that they would make wonderful neighbors.
After the vote, CB commented about how the company was started, how the leases were acquired, how the bureaucracy crippled its development for over a 1-1/2 years, how it muted communications from the company, and diverted money from operations and development.
He expressed a desire to begin to tender at least some compensation to JB, who had received nothing toward the leases sold to the company to this point. I invite others present to affirm or contest my impression of CB's statements.
A Q&A followed. Mine with answers,are as follows:
Q. Why don't Mr Horner or Mr.Powell own stock? (both were out of the room at the time)A.Attorneys advised against company insider trading during SEC investigation. Q. Will they buy stock now? Perhaps Mr. Powell will.
Q. How is your health, and is there a contingency plan for your becoming incapacitated? A.No life threatening problems, and backup by JC and board. Q. Would BOD consider pro rata offer of financing deals to current stockholders with same terms as offered to private financing, including discounted SP and/or warrants? A. My God, what a wonderful idea!! Of course!! Q. Is it true that your RB alias is "MONGO"? A. "I promised my wife not to get into that topic, and you are going to get me in trouble.".
I will stop for now . Others asked questions and I prefer to let them post their Q&A, if they wish.
Next: Some impressions of the tour.
Bill
AI
