Without going into a retrospective of criticisms, suffice it to say, in my opinion, the "right circumstances" have presented themselves at least a few times in the last 4 years, from the opportunity to end litigation with TPL by forming an even 50/50 partnership (which we've learned ain't so 50/50), to amassing over $100M in revenues, to acquiring new companies, etc. There have likely been other "right circumstances" unknown to us that were or would have been present absent what I consider mishandling of the items above, or had the majority of liquid resources not been tied up in the ARS vehicles.

So while you bolded the circumstances portion of my post, you might consider that you focussed on the wrong aspect of my points. I'd suggest that had there been different leadership, better stewardship of the MMP assets and cash resources, or more prudent management decisions, the "right circumstances" may have been taken advantage of in a way that didn't leave us at 11 cents with a growing cash burn.

That's not to imply that EVERY decision has been a bad one, or that management and the BOD are expected to be perfect, as I do not EXPECT that nor do I think their moves have been entirely incorrect. Rather, my opinion is informed based on the planning, performance and execution, over 4 year perspective to judge from, and in my judgement, this group is not capable of maximizing the benefit of "the right circumstances" when they do come along. To call the scenario a theoretical vacuum, is a straw man argument and implies a perpetual victim of circumstances mentality, IMO.