"The sad fact is that the BOD would be far better off starting an oil company from scratch rather then beginning with a smoking wreckage and leases that have been carved up beyond recovery."
I think I disagree somewhat.... the SH have already invested so why not focus on recovering the asset value of that money spent in good faith? Besides, you'd have a hell of time "starting an oil company" today.
I think there is a more than reasonable chance of having set aside all of the self-serving and inside dealings that have effectively hobbled the company.
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