I've spoken to a few folks over the past few days that feel perhaps they missed the boat on CLL. They have not.

The fact is that this company is in a far better position than it has been in the past three years. Far better.

I know some people refuse to accept that DG was bad for the company. I'm not one of those who attacks his character, calls him names, or questions his integrity. I do question his judgement when it comes to the right path for CLL. Things change and DG would not and could not accept that. His handling of the unsolicited offer bordered on a failure of his fiduciary duty not because he chose not to accept the offer, but rather in the manner with which he refused. The correct approach would have been to negaotiate with the prospective buyer and if they could not reach an agreement, then decide not to pursue it. By dealing with it in the manner they did (DG and the BOD) the message they sent to owners is that we're not willing to sell at ANY price, and even the most anti-sale shreholders would be willing to sell at some price.

What many refuse to accept is that it was this "we'll make it on on own at any cost" attitude that resulted in the share price going down as far as it did since it was clear that the BOD, Banks, and DG would rather drive to insolvency than sell this company. Its January now and the price of oil remains high, some valuable assets were sold at firesale prices, and it looks probable that CLL will be able to pay off the debentures in June. Consider though what would have happened if instead of Oil prices rising back up from $75 to $100 in Q$ they had dropped to $60 and stayed there. An number of events could have easily resulted in that, and in that case CLL would be in huge trouble. That is how close to the line this company is and was.

So, finally, a potential buyer knows that it will be BUSINESS decisions and not EMOTIONAL ATTACHMENT that will be applied to the assessment of any offer. As a result, many interested buyers will now be working to submit an offer that is good for them AND good for shareholders. That is why this company is in a great position. Operating results are improving, entrenched management has been addressed, and overall market considtions have improved. I expect there will be either a fair offer or more than one offer submitted as early as next week. For those like me that are already up 100% or more, yes we've made more, but then again the perceived risks were about 300% higher when we bought so we get more reward. Proportiante to the drop in risk however, the price has only appreciated a little and so, IMO, this is a btter buy today at $1.05. The upside of close to 100% is staring us in the face, with very little downside - and the timiing is weeks not months.