Clocks continue ticking...
The company continues doing... and saying... essentially nothing. In-spite of Dan Burns obviously bogus promises to keep us well informed... they've not even managed to post any of the news on the company website since November. So, perhaps his current production of "nothing" is in fact exactly accurate in terms of what you should have expected from him ? Granted, it's all I've ever expected... so, can't say I'm surprised.
Burns clearly ran the company out of money and emptied the treasury of shares after doing a private placement at stupid low prices... which clearly made no sense at all at the time, still doesn't make a lick of sense now, and never did. ALL of my arguments against it at the time... now clearly proven exactly correct, by the flow of events.
But, while Burns always appeared nothing but a risk of greater cluelessness, and worse, to me... he did get others to go along, apparently as a result of his promising big things to those who really should have known better than to believe him. Burns said... that it would be the last time SRSR ever needed to raise money to fund work just to prove up the resource... that he'd quickly succeed in shooting those same damned fish still swimming around the same damned barrel they've been swimming around in , unmolested, for SEVEN YEARS now... without even being startled, once. But, he's failed ? We spent the money. We drilled the holes. And, the 43-101 produced as a result didn't succeed in proving the resource... but it did prove, again, the reason that there isn't one.
Ready... fire... aim. And, then... lie about the results.
Consistent with his prior behavior... Burns fictionalized a time-line because he, personally, was in too much of a hurry to do things right... and now, by failing in doing what he promised, he appears to have ruined the opportunity for the rest of us to address things properly... pushing us off the time-line we were on... that actually does matter. At a minimum... the risk is vastly larger now, because of Burns participation. And the cost to shareholders in serial "do-overs" appears likely to be growing greater over time... because of Burns demonstrable failures.
Not news, here, that I'm no fan of Dan Burns... and, the reasons haven't changed that much, even as the proofs have piled up proving the judgment was correct. New plans announced by Burns... have rearranged sequences in events in ways that ensure the execution of the plans for "up-listing" works to prevent a short squeeze... and instead lets shorts off the hook... when there is no rational reason management should seek to arrange to try to benefit shorts at holders expense.
Who is Burns working for ? Whose interest is it, really, that he represents ? I can't and won't trust him.
And, why is the problem that was created by and is best represented by Dan Burns poor decision making... STILL being made into MY problem ? Dan didn't have the ability to appoint himself to the position from which he's been making such a mess of things... causing delays... costing us time, and money ?
SRSR has the rocks... but, for good or for ill, management trumps geology... and Dan Burns is simply not capable of doing the job and delivering a quality effort. He has already signally FAILED to get the project back on track... in the way he said he would... and has instead pissed away the remaining opportunities greater patience would have afforded. And, now, while dodging his failures and avoiding his responsibility for them... he appears to be intent on trying to force the company into making choices he swore would never be necessary if shareholders supported him. We're long past strike three.
Neither is the fact of Dan's continued presence capable of providing any indication of a company on the fast track to a turn around... rather than more of the same, and worse... so the problem that Dan Burn's very presence requires shareholders to recognize... isn't all and only about Dan... but is also about those others who've enabled him and assisted him in mucking things up for the rest of us, as he so clearly has...
While not ever acknowledging the facts or their implications... or the basic nature of the problems that we are now required to recognize... the company is making some of "the right noises" about efforts that are said to be being undertaken... only with nothing yet but "said to be" to go on. Before Burns, the company announced news of accomplishments, after the fact. Now, we're reduced to expecting delivery of the opposite of accomplishments, while being expected to have faith and hope in promises.
The proof in the performance is unavoidable.
That leaves us not to expect, but to hope, that those things that have failed thus far, MIGHT now work to help to fix the problem(s)? However, while the clocks continue ticking more loudly over time... that also leaves us perhaps approaching those future "events" which it is now harder and harder to expect are really intended to benefit shareholders.
I'm running out of patience... not because I'm impatient in the way Burns was, that had him act in flagrant error in his own self interest.
I'm running out of patience with the lack of competence, the lack of performance... and far worse, given the recent changes, the lack of honesty.
I'm running out of patience with management... for creating the growing risks, including those Burns continued presence represents, and far tolerating and not acknowledging their own failures... including specifically the dishonesty apparent in failing to recognize the facts in the failures suffered in the last year... while cravenly dissembling at worst, and at best making only weak excuses for them.
Will a new board of directors be able to solve that set of problems plaguing us now... to eliminate the risks being generated... to professionalize the company... to revitalize management... and to give SRSR shareholders a new reason to believe that the quality of the management and the quality of the management effort... actually matches the quality of the project ?
Perhaps we can be hopeful... but, with clocks ticking more loudly and risks growing... I'm not likely to ever be one who will trust those I know I cannot trust... or rely on hope and faith as a strategy.
The point:
With others, for quite some time, I've been discussing the potential utility in forming a formal shareholders group... to better represent the interests of the SRSR shareholders...
The time remaining in which we should sustain patience is expiring. We've been patient, and quiet, long enough. It's time... now... and from here any additional delay we do allow to be imposed, that imposes limits in properly addressing our concerns... will be unlikely to generate benefits rather than the opposite.
If a new board are announced... soon... ? Hopefully, that will happen... and, hopefully, we will be able to gladly support the creation of a new board and support all its new members, as they begin to exercise their new authority... as is required to properly represent the shareholders interest.
However... time now does not admit of benefit in delay... and reason does not allow substituting promises or potential for proofs in performance.
|
