This is a desperate situation the company finds
itself in. Also I agree that to a certain extent Tom
Beasley & Doc find themselves in this boat with us. It is
obvious to me that the company needs a large cash
infusion not just to grow but to continue operations
without Chapter 11 protection. The company has been
hemoraging cash for the last year. An since they have
proposed a highly dilutive deal which gives away a quarter
of the company's equity to new investors that says
the situation will not change in the short
term.
But what continues to baffle me is why they did not
go back to the common shareholders with some type of
equity offering. It also troubles me that they would not
disclose more in the conference call about why what
management has proposed is the right course of action for
the shareholders of the company. I can not believe
that with this lack of disclosure this management team
has my interest at heart.