"...played for a fool...", page-2

You make very good points. That's why I attach significance to Tribeca's quite considerable investment. They have put quite a chunk of capital at risk given the unsecured nature of the Convertible Notes, and how that plays out represents an opportunity for NM to gain the credibility (closing the gap to NTA perhaps) he and the board obviously think the company deserves.

That said, Tribeca Natural Resources Fund are probably well diversified, certainly more so than most of us here, and very capable of taking a hit here should it not work out.

Again though, while I recognize that NM's complete control and high salaries pose some difficult questions for would be investors, it should also be recognized that these also offer some downside advantages to investing in the company.

I have done decently from being invested here, but I too am waiting to be fully convinced that all the shareholder funds that goes, and have gone into supporting the daughter companies will eventually accrue to us shareholders, because so far it hasn't fully been the case indeed.