How on earth did the management destroy shareholder wealth to this extent?
Looking at the Board, they consist of experienced cotton growers and accountants. Most of them are in their 50s and 60s. They would know that cotton prices, like any other commodity, fluctuate between extremes. Not to mention the currency and other inputs.
That's a fact of business life. It is simply unforgivable that this has happened, in what should have been a bonanza for all participants in the booming cotton industry.
NAM Price at posting:
20.0¢ Sentiment: None Disclosure: Held