Guess I figured TM knew what he had to work with from the get go, but who's to say really. Have to assume TM saw some good potential though before he penned the deal with Volk.
As for the CD "sticking in TM's craw"... With so many financing possibilities mentioned in the Q, I'm thinking TM might have known from the beginning that the companies CD situation would need some work.
Maybe closing doors was the alternative to the dilution? Why would they keep Volk on board if he screwed shareholders? Have you seen what he is getting paid based on boepd? I still think he's valuable to the company unless you know something more? JMO though.