Oh no...denial would lead to BK and a wipeout. No company ever willingly returns capital to shareholders.
Permitting takes an ungodly amount of time and I think a previous poster mentioned the possibility (read probability) of a paperwork screwup. Especially when one considers the pressure that Environmentalists can exert. No reason for the govvie gang to move quickly on this one. The permits will come...eventually.
Permits and government agencies take time and are inherently inefficient. They do not move at the pace that private institutions do or with a sense of purpose for the betterment of a company.
I think NGPH messed up its paperwork and that is why the President was released by the board and the CEO. Anyone who has shown up to the DMV without the one piece of paper they need and must come back and wait in that long line again just to be told they need another piece of paper can understand the frustration all shareholders and the company must feel right now.
They have enough cash to continue at the current burn rate until permitting unless it takes another 3-5 years. I think we will have a better understanding by end of Q3 or the investor call will be pretty rough for the CEO and his team. I would be shocked if permitting did not come through by end of 2013 If not I think you can have a real conversation about the long term prospect of this CEO and his team in getting the job done. If permitting happens I think price goes up to market range of 1.50-2.00 as infrastructure is built up for mining in end of 2014.