Yeah, I made a lot of mistakes, too. You've been around long enough to know what I'm talking about, TP.
Looking back, when Guyer first announced the 1M funding arrangement years ago I should have looked into the terms more closely. The word of the board at that time was, "Where's the money coming from?" Many emails were sent to Guyer about this. Did he cave into the pressure from investors to go after the CD or was it his plan all along? Who knows, but cd it was none the less. Not many here knew what cd meant. A few did and posted about it. (Even now, I have a feeling not many know what it means - either those for or against the company. Lol, those against are too busy rehashing the same old sorry points.) CD sucks for both a company and the shareholders. It's funding, for sure, but with worst terms than a rent to own in a military town.
Another thing I should have done is track the form 4's more closely. I didn't discover I could cut and paste the info from www.secform4.com into a spreadsheet until earlier this year. I spent a morning going through 4 years worth and had a really good time going through Guyer's finances, lol! One really cool thing is when you paste int the spreadsheet, the fractional results aren't rounded up like they show on the website - really helps give a true picture.
He's lost millions in potential income. When Hennis first signed him on, Guyer was given shares to sweeten the deal. He could have sold at that point and walked away with a cool $2M. I bet he thinks about that. Then he really screwed himself with the lock up, he lost over a mil on that.
I think he was gambling on the Dec 10 hearing. Even though all indicators led to denial - in actuality the outcome was closer to 50/50. In hindsight, I think if they would have brought in the big gun engineering firm at that point and we had done the petition mid 2010 - it would have been a slam dunk. I really didn't know any of the players well until the hearing, and then it was just an introduction. Wally was made to be the bad guy - glad that was cleared up; a little too late.
Think about it. If the outcome of that hearing would have been positive the ponds could have been used, (they were shown to be viable at the hearing, but sometimes fact doesn't count for much). Then it would have just been a matter of a little repair and lining - production could have started, possibly as early as spring 2011. If Hennis hadn't been greedy and raised a stink we could have cut another year off.
But, that's in the past. Right now, TP, we are at the point you thought we were when you first invested. Whether you continue to beat your head against the wall or cut your loses is up to you. Nobody has a crystal ball on this thing. 7 years of fat, 7 years of lean; 7 year itch; 7 year trading cycle; 7 year biology change; 7 dog years - any way you look at it something will happen in 2013. On the bright side I have a lifetime supply of write off if it fails - Win!
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