Chuck, Wink, Flyeron, John - hi all, this has at least been good reading, Chuck was that line from "Song of the South", could be rather appropriate theme song for us all.
Now for a few responses to some of the issues. I did not say anywhere that I had no worries, however, I bought into WRN based on the idea that Mark could grow the company into something real. That takes time and in real terms we have seen the health of Alamo (recently) improve with the JV (debt was retired) and we have also seen (recently) the announcement of positive financial news, out of Taylor Rigs (inherently good news for WRN).
Now, like everyone else I wish we were getting more regular updates and I wish we hadn't been promised them, if they weren't actually going to show up. If you recall, however, I for one was rather surprised at the announcement of the updates to begin with and am not surprised in the least that they have not kept them up. Doesn't mean I'm ecstatic about the concept, just not surprised.
As for the financials, I have reason (on good authority) to believe that they are being actively worked on, suggesting there is still a company. We have reason to believe that at least Q1 will show some progress, given the Taylor announcement.
As for the JV, I don't know what it's status is, maybe it will come about, maybe it won't. I would like to know though, how many of you bought into WRN because of the JV. Most of you have indicated that you have been in the play far too long for that to even be possible. The JV is NOT a make or break issue for this company. The other thing to keep in mind is that Mark has shown a propensity for adjusting deals midstream, so I do not necessarily expect that the even the small amount of information we got on this JV, in the release, is still accurate.
Now for the share price, there is no doubt that the current share price sucks, however, as was indicated in an earlier post, WRN always slides with no news. Part of that has been the fact that we have had groups of investors get involved who did so as a result of promotional campaigns that have NOT been particularly on-target with their time frames, so the stock goes up higher than it should at the time and crashes lower than it should when the short term players pull out. My biggest problem with WRN has been this phenomenon. There has been a positive side to that too however, that being that the total extent of the dilution has been lower than it might have been otherwise because some PP's have been done at the higher share values. The people holding that paper may not think this is such a positive at the moment, but for many of us this is a benefit.
That's probably all I can add at the moment. Have a good day everyone, remember to smile, cause no matter what, there is always something to smile about in our lives.
Salut,
Leigh McBain |
