The next year for specs is going to be very interesting. This...

The next year for specs is going to be very interesting. This year has shown that most Management teams couldn't run a hot bath. The spec market has been brutal, and over the next year we will find out the pretenders from the contenders. The majority will fail as they will dilute themselves out of any chance of success, all while happily taking their pay checks. The companies with great resources and good management teams will have a chance doing JV's and looking at ways of raising capital without going to market.

Any companies with little cash and no resource needing to get the drill spinning are in for a tough time over the coming months, as retail have had a spanking all year, and brokers have had a shocker. I've always believed Ton has the resource, yet it remains to be seen whether Management have the ability to execute the plan. If they can holders will finally get some reward, as this is priced to fail.

Any spec that can prove they are not just a gravy train for greedy Management teams will have massive upside as the markets sucked everything down the plug hole.

At least Ton still has a shot which is better than most of the specs at present.