Davisite DURING THE QUARTER they were never out by $200 - you are wrong - simple as that. And very dangerous to be posting that they were out of the money by $200. Forget history it does not matter The bank forced them into long hedges - in a time of rising spot prices - thats business - nothing they could do about that. With the debt repaid they will take a more measured approach to futures.
What you should be excited about though is the fact that they have got the recoveries under control during the quarter with hopefully more to come.
Ann: Quarterly Activities Report, page-28
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