Woah, cowboy! I think the market takes a more measured view of...

Woah, cowboy! I think the market takes a more measured view of TXN's board. Their failure wasn't just lack of clear strategy; it was lack of performance.

Specifically, TXN's board failed to estimate or achieve fair value for the EF property. It failed to maintain lease obligations, failed to maintain revenue through ongoing drilling (which would have further derisked the asset and thereby improve sale prospects), and failed to secure lending (at reasonable cost) to keep the business going. While I bought into this stock for the EF value, I also failed -- I didn't consider how poorly a company could suppress that asset.

As for finding oil, you have to go back awhile in TXN's history to figure out when and how it acquired EF and what other property has done well.

Overall, I think investors will be wary of Talon. But there is always hope that they have some talent for running a business. I still think Foss has incredible knowledge/skill that has not been fully realized, but at this stage he also can't completely blame the situation for TXN's current state.