what a dog

Just read the Annual Report and it sadly highlighted this dog in my portfolio. Alright, it's my fault for punting rubbish but the deep discount to asset value was attractive. Little did I realise the discount was because this is an unmanaged Titanic with the fleeing rats already in the lifeboat.
What a disgrace. Conflicts everywhere. Massive fees and costs that are unexplained but why should there be any when Paul Moore , our esteemed 'non'manager does all the investing , has a long contract, owns 8.23% of the company and loses (wait for it) , a staggering $65.9m (net of interest and divs of $18.1m).The IPO raised $173.9 m in additional capital in 7/15!! Must make those investors happy.
But wait, there's more. We have to wait 5 to 10 years for any success. Here is a manger who invested large sums on Wynn Macau casinos. It's only collapsed from $34 to $7 but, hey, it will be fine in ten years.
How come the Nasdaq is at all time highs but these clowns have lost a massive proportion of our investment and getting paid handsomely for the privilege of having a cosy directors club of, what looks like, simpletons.
I could go through the other absurd investments but, safe to say, they are hopeless and with a very worrying Board and 'manager'.
Did I mention that they actually BORROWED a further $60m to throw into this pile of garbage? I guess we pay 1% management fee on this too? And who is the lender and what are the terms? I smell another rat.
Thanks Mr Moore. I won't be following your dumb strategy. Maybe you should try a clairvoyant like Mr Rosewall?