In conclusion, page-25

Personally, Pierpont took me in most, suggesting a "fairy tale ending", and those smiling gentlemen with the gold bar - they played on our heartstrings beautifully when it would have been in everyone's interests - management, shareholders and creditors - if what is occurring now had been done a year ago.

The departing management has lost all credibility (a euphemism) and I hope they don't expect any severance pay.
Shareholders have been taken to the cleaners.
Creditors are likely to be in a very bad way.

Pearce is like an albatross around KBL's neck and it will take a miracle to get rid of it and exploit Sorby Hills successfully.

Best to review our mistakes, avoid them in future, plan much better and stick to the plan.

Lessons:

Journalists are generally not to be trusted - even ones who have been around for 40 years.
Read annual reports very carefully.
Listen to the negative opinions as well as the positive ones.
Keep to the plan - especially portfolio weighting.