So why did Dick issue a vague statement that resulted in a 1/3 drop in stock price to approximately $1.10? /bobert

Very good question. IMO the way this was handle show total disrespect to long time shareholders. 1/3 drop is suggesting an issue of 70 to 80 million of new shares.

Greetings from old Europe.

It is nice to see a positive and strong shareholders support for CLL management which introduce the policy of inflating the shareholders value despite promises and strong statements (remember 2007? $600 millions loan was going to end our dilution).

This move was highly expected for those who are frequent readers of this board. CLL has negative free cash flow and this will continue for at list 2 or 3 quoter, thanks to bad WTI hedges and projected capex.

CLL needs new cash to pay the bills and IMO is suggested by banks to improve CLL cash balance before banks will give us the credit line with attached new covenants.

The new promise credit line will be use to complete the Algar and will increase CLL debt load to about $1 billion (about $100 millions in interest payments--- profound effect on future company earnings).

New SP issue will have nothing to do with our or management wishes or previous history. It will be about 5 to 10 cents lower then CLL closing SP at the end of the next week. In this market condition and considering CLL desperation for new funds it is highly irresponsible to suggest the investors will pay premium for CLL shares. It is like to suggest that today you will get the offers on your house above the market value.

Good luck to all, Jurek.