Carl needs to move on as does rest of the board. The old v new board argument is rubbish imo as same shareholders control this baby and they are the major problem. The company (major shareholders) need fresh capital from new "believers" to continue to finance their road to no-where with the same tired assets. In the meantime they can use the capital to continue their important board lunches, suck out directors' fees, fight personal fights in court with ex employees, etc. etc. All egos at work here and no industry experience (and no tangible plan forward). PSL may have found the stooges to put in more money but I'd steer well clear of this one... Also, with the rights issue postponed by a week, I suspect even the PSL guys are getting a bit restless. I cannot see them chasing a short term placement fee knowing that in the process they will burn their clients. Also with the new legal action having been announced, surely they have grounds to back out of this now. Plenty of better opportunities out there for them and their clients. Anyway, we'll find out in 7 more sleeps.
OBL Price at posting:
0.3¢ Sentiment: None Disclosure: Not Held
