Batermere, YTD is a very short period. I think looking at his whole tenure - the last four years - is a more appropriate measure. We all agree that DO helped save the company as Tom Moore drove it near bankruptcy. So the fair measure is starting from the point of new investment/recapitalization of the company. Over the last four years investors have recapitalized the company investing around $200 million at a weighted average price of $12. So collectively these investors have lost a third of their money (on paper). I think that is the most accurate reflection of DO's shareholder value generation (erosion). From that perspective, it's not hard to see that more than 40% of our investor base was against this latest share grab, when DO arguably hasn't even earned his first three-year RSU tranche yet. Again, this is strictly from a shareholder value creation/ROI perspective. Obviously, we are all still waiting here invested because we believe he is setting up the company for value generation moving forward. If that happens, investors may be more accepting of this latest share grab, but from the facts we have to date, it comes across as another FU by DO to the company's investors IMO.
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