It is obvious that you have not been here in a while. If you had you would know that I don't currently own a single share of Quest and haven't for a while. The reverse split that just took place was predicted by myself right along with several others here quite a while ago. It is quite certain that more dilution is ahead.
Allow me to rehash the argument a little so you can at least see my point of view even if you don't agree with it. The disagreement here was about the reasoning for the mistreatment of shareholders. Most people feel that Quest is a complete scam. I can understand why and I don't try to deny them that opinion. I simply proposed an alternative theory here that many are too bitter to consider. I can see room for a legitimate business underneath it all… A legitimate business that was subject to a significant amount of initial over-optimism and was also a victim of bad luck and an economy that tanked at a critical point in the business plan. The economy and its effect on global coal markets I should not have to explain. The bad luck could also be related to the over-optimism and came in the form of unexpected equipment failures among other things. It most certainly is poor management, undisputedly. But it may not rise to the level of being an illegal scam as many think. If necessary repairs had been done in a timely manner up front they may have been able to take advantage of the coal market spike last year right before the economic crash. It could have been a much different outcome. But the plan appears to have been to do the bare minimum to begin production and make other needed repairs and upgrades along the way after production started. They failed to see the disastrous results that would have as the process immediately began to break down even before the ink on the PRs was dry. And they underestimated the amount of time and effort that would be necessary to make those repairs and upgrades. They eventually had to cease production and borrow funding to complete the repairs. I believe even that was underestimated initially.
Again, I acknowledge that it was very poor management. In hindsight that is very obvious. But based on the knowledge that was available at the time the decisions were made it is almost reasonable due to the lack of capital and cash flow that the company has. They have had to continuously take on more debt to make repairs and upgrades and I can understand why that was not desirable initially. It also explains much of the current ongoing dilution. There was nothing else to collateralize that debt with. The only available option to secure it was convertible debt resulting in eventual and ongoing dilution. Nobody will disagree that reverse splits are necessary when significant dilution is in play too. I don't know what other options are available to management at this point. Some have mentioned chapter 7. While that may put an end to the ongoing shareholder pain it is hardly fair to any other involved parties. Eugene is obligated to keep it going as long as there is a chance at resolving the BK11 and repaying the company's renegotiated debts in full.
I know the odds are long. Contrary to popular belief here that I am attempting to pump Quest and entice new buyers, I have never tried to entice anyone to buy, sell or hold. I just try to break the rut that this board is stuck in (that of a complete and illegal scam) and show some other possibilities. The scam theories cannot be proved or disproved. Neither can the idea of a failing but legitimate business attempt. I have often disclosed that I actually believe the truth lies somewhere in-between. In response it has been argued that there can be no grey area in-between. It must be either black or white. And since it is not white it must be black. I disagree. I do not believe it was the initial intent to screw the shareholders as has happened. I believe that poor planning and foresight along with bad luck made it necessary. I don't believe anyone could have planned this current mess that Quest is in ahead of time even if they tried.
D@mn, I've authored another novel just like the old days. It's been a while but there you have it... Back to the original argument that I started at the beginning of the year. It sure had gotten twisted and convoluted in an attempt to discredit the idea and the individual who proposed it. It is good to bring it full circle every once and a while.
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