from other board.i think the way this guy described the past CLL situation is very accurate.

One of the major factors in the success of any company is its management reputation and effectiveness. Like Bladerunner (who has a way of expressing himself that is so comical it's always worth the reads) I've been in and out of CLL for 5 years now and the one problem that has always existed with CLL was the former CEO of this company.

1. This has been his company since day 1 (11 years ago) and all the decisions made since have reflected that. In hind sight, there were many management personnel changes over that time period, and based on what happened at the end of 2011 (firings), it's obvious who was behind those past changes. It was either my way or the highway.

2. Bladerunner was right about his comments a few years back that the CEO stated in a news release that Algar was fully funded (I've been looking but can't find that release) and then within a week, issued thousands of shares that tanked the price, with the funds earmarked for Algar development. It's very strange that no investigation was initiated on that one - it was a misleading and false statement. There were many who lost a lot of money because of it.

3. Around the same timeframe (just after the economic downturn), he was caught with that personal margin call, which exposed him publicly. This whole fiasco put a very negative exposure on the company and leadership at that time. Still no moves to get rid of him.

4. Finally, the recent, pompous and defiant interview on BNN prior to being sacked, pretty well said it all. Further senior personnel changes, discussions on increasing company spending, the whole freedom 85 thing, and so on.. showed a very desparate individual treating a public company as if it was his own personal company. it's pathetic he actually lasted as long as he did. He should have been gone a long, long time ago.

What puzzles me though, after so long, is how easily he was sacked shortly after that BNN interview and hasn't been heard from since? The only answer is that he must have got some kind of a huge settlement to go so quietly? IMHO, another travesty NOT deserved.

So where am I going with all this? IMHO, with the removal now of the #1 problem for this stock, all indicators are pointing to an eventual evaluation that is more in line with the net asset value of this company. Having had such an unpredictable, over-the-hill, wildcard, now finally gone, hopefully the company will have some news and proceed with one of two options:

1. Find a buyer with a price that reflects a currently favourable value of what this company is worth. This may not be possible unless the refining company is sold, if the buyer is not Canadian - it could be nixed by the US due to political considerations. Sell the refinery and put ALL proceeds against the debt.

2. Don't sell the company, but hold the dogs at bay. Instead, install a new, competent CEO who will work towards

- selling ALL company assets other than the Great Divide (POD 1 / Algar) and the COGEN plant. Concentrate on the core business only - CLL is a junior and owes too much to be spread so thin. This should have been done a long time ago. The front-to-back strategy employed 6 years ago won't hold up today, especially under the current debt ratio.

- put ALL sale proceeds towards paying off the debt

- pre-approval (very soon) to expand to 40K boe per day is an attractive future asset (do nothing now)

If the debt could be reduced significantly due to all other asset sales and GD production increased to 15K-16K BOE per day, with $100 oil, this stock could become a cash cow, and return to the valuation it was 5 years ago - before it produced any bitumen.