Stealing or losing money?
I think that evil is not the problem, but more a refusal to face the fact that the company was in decline for several quarters. If you look at the 10Q going back as far as 2014, they show the company losing money. I think the problem was that even the company did not want to face the reality of the situation and kept telling everyone that 'everything was going to be all right', when the truth was that they had taken on way too much debt to survive once gold prices fell to $1,200/oz.
One did not have to be a CPA to realize that with gold under $1,200/oz; that the company was not making money and was never going to make any money.
I do fault the company for pushing the story that its average cost was $850/oz; since it is clear that while, somehow, on some limited measure that may be correct, the company does/did not make any money with gold at $1,200/oz or lower. The only reason is it is apparent now is because almost all of the assets are gone.
While there is 'all kinds of gold in the mine'; it can't be profitably mined with gold at $1,200/oz.
Louis J. Desy Jr.
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