'katytrader' pid='72104' datel Wrote:If Hession defended the 10.2 with respect to this deal, he would end up being wrong because the deal will use an AVERAGE of two figures. He can be right only if BOTH figures come in at 10.2 or higher, something which seems unlikely to me. I suspect that this is why Botten lowballs the number......he prefers any "surprise" to be on the upside, rather than be accused of deception and all the other labels.
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I won't comment on how you need both numbers over 10.2 to average 10.2.
Hession has a doctorate in geophysics. He should be very familiar with how GLJ has come by its etimates since 2009. In fact he stated his own due diligence and that of his associates included a review of the resource estimates prior to his agreeing to take the job. If he knew of a material problem with the GLJ estimate (and again, he had the knowlege, experience, resouces, access and RESPONSIBILITY to know) that information should have been made public months if not years ago.
Nobody is going to quibble over an average that doesn't equal 10.2. Providing an explanation for delaying certification with A7 to the point the company had to be sold because of financing issues (when earlier this year he said we were fine given the new LOC) well, that certainly is a different matter.
Hession is a crook. He has gambled that he can manage grand corporate theft and get away with it. We will see.