It wasn't that long ago that this company was sitting on a good pile of cash. I have often felt queasey that they were cavalier in the way they were spending that cash on picking up various non-core property interests and extravagant drilling programs-all of which the market gives them no value for. However I rationalized that management had a handle on the mine development needs and production and cost and cash-flow realities and were making the spending decisions in that context.

Maybe they thought that gold would be at $2500 by now or didn't anticipate the steepness of the share decline and were casually and confidently anticipating doing a flow-through financing at higher prices.

At any rate, it's clear they didn't husband our cash pile well and that I overestimated the acumen and rationality of our management team. And now we are in a pickle.