Well, I think it is pretty obvious that with EOS on board and no way to vote against the farm in, and being on the record that farming out was the right move, the new appointees bailed.
If the goal was to get control, no control was possible with a farm-in all ready done. At the same time, by giving them access tot he data room they would have known how complicated the structure is and how much time it was going to take to unravel it.
Since the Singapore crowd was not going to put more money in, and Meridian was obviously not going to vote in favor of the new directors, they bailed.
Question is, why did Meridian vote for them in the first place? Was Meridian promised access to more capital if they did? Did that deal fall through when Dean and Curtis stayed on the board?
Who knows, what we do know is what is going on now. We drilled Cosmo, we are going to drill SC and we are drilling KL 1-4.
With all mystery it seems things are getting clarified.
