Good points Rosehill but permit me to respond though this is all academic now and a matter of opinion.

"This is a list of events that made things difficult for Richard and his team."

"1. Windfall is a dud. (Did Richard get bad advice from his team of Geo's?)"

Windfall isn't a dud, just didn't meet with unrealistic expectations of many. There is a lot of gold there it appears, you just won't be able to pick it out in stacked boxes of bullion.

"2. Burn rate is too high."

Windfall was being mothballed until results came and then a determination of what to do next so the burn rate was already set to be reduced by the former BOD. They weren't stupid inexperienced louts.

"3. Too many joint ventures ( Costs too much money to administer)"

Some consider it sharing the load and a protection against a hostile take over. Has the Zebra effect protection against lions. I don't see the administration outweighing the buy-ins of the other partners to say nothing of the manpower they add to proving up.

"4. Going at it alone. (Now we are talking about spending serious money)"

I believe that the going it alone would never have taken place but was just a stance to induce respect and demonstrate determination to obtain S.H. value. At the most it would likely have resulted in a partnership with a large company..... perhaps Cliffs, when the economy was supportive.

So there you go, more idle talk.