I have no one to blame but myself for the large percent paper loss I have with Connacher. I became so enamored with the company that I did not sell when I should have and I’m now locked into my losses. I stay because I still believe, long term, that Connacher will either be successful in its own right or be purchased at a premium to what it is selling for right now. Even though it has considerable debt, it still holds assets worth several billion dollars with the potential for considerably more reserves to be proven. In my opinion, if a buyer comes forth for Connacher, it probably would be a mutual agreement, rather than a hostile takeover. I would expect the offer to be at least $3.00 per share and if it occurs to occur in the relatively near future (1 year or less). This would be about a 250% increase over where we are right now.

I don’t blame management as hindsight always looks better than reality in real time. In my opinion, the more shares insiders hold, the more likely the company, at least long term, will do well. Just think, if the shares are worthless 1,000,000 times 0 is still 0! Even if the insiders are less penalized than the common shareholder when the shares are diluted, I believe that the actions management takes, is still taken with the overall best interests of the company in mind!

Martin