The truth is, no one knows the specifics of why this was done. Tomorrow's AGM will clear it up. My guess is, management will have a pretty good reason why they did this, and back it up with a good outlook. If they don't, then how can they keep their jobs? Unfortunately though, this is a company with a poor record of treating exisiting shareholders good. So getting back to $10 will be tough, as we will see sell-offs along the way as shareholders will not quickly forget the destruction caused here. Regardless, I am disgusted like every share holder is. It seems to me that this loughrey guy just wants to keep collecting his pay cheque and probably increase his pension. At 60 years old, his horizon can't be much broader... he can retire at any time... he could care less... it doesn't give much confidence. Regardless, the crooks are so greedy that will likely see them bring all the stocks back well above $10-12 and then they will all sell off and run.