Believe:

First, in a situation like Conacher faced a year ago, there are no easy decisions. So, I cut management a little slack on that score considering their state of being under capitalized. But, the state of being under capitalized is a state from which there is no reprieve during a crisis. And this is where the critical error was made in my opinion. Yes, I know. It is easy to draw that conclusion from our position of hindsight today. Not so easy from the perspective of 2 to 3 years ago when they were doing their capital budgeting. But none the less, this is what CEO's get paid for. The price of failure to appropriately do this? A death or near death experience. That was the only sense that CLL investors got lucky in. It was only "near death" But still a major set back for Connacher. We all can only hope that in the capital budget for both GD and Algar. lessons have been learned and put to good use!

Brian