Non traders should skip this post.

So more folfs saying it's almost done. Remember a couple of months ago when it was going to be a matter of weeks? Seems like a matter of perspective is at work here. Management is watching the sp erode from $2.75 all the way to a $1 and the twiddle their thumbs. The basement floor is about to smack us in the face.

A couple of people seem to think the selling will be absorbed. I'm not so sure about that. If we drop below the $1 mark the stock falls into the disgraced catagory. This is not the market its an absolute failure of the company and they know it.

The talk about how we are weathering the Obama down turn is nonesense. Months back I told the company and this board that if Obama won you'd see a slower drop but a drop for sure. If the reptile won you'd see a sharp spike down and a fast recovery followed by a slow downturn.

Now, knowing this state of affairs was coming it seems the company has steered us directly into it by humping the dog at every turn. They say it won't effect us at all but it certainly will. Flaherty just came out and said we were getting another years on the clock because commodity prices are falling. Um, who's right? So once again, an appalling failure by the company.

There have been several BFS's done in the last 6 months. Only 1 of them had noteable delays. The rest chugged along in a reasonable time. Those that have been out in the last 2 months show a sp that has been punished. A PM to me this morning asked about Black Iron. I invite you to go have a look. Notice the small upward movement and a decline? 45% IRR! Ya, it's Ukraine and there will be cost escallation. The point is that by fiddle faddling us into the worst time in financial history the company has failed us 1 step at a time into a corner. The 98 cent support level is selling at the buck. I would also expect the 74 cent support level to be taking profits before those are gone too. I know I did and plan to take more. With each failure I take more off the table.

Those of you who plan to buy more should start thinking about supporting the sp today. If the sp blows through support (and it is being eroded faster than you think) the sp will plummet and not recover. Then you'll be stuck for a very long long time. Those who can afford another 6 months to a year fine, nothing to worry about. Those who were counting on this need to re-evaluate their plans as of today. If you think you can gamble on the BFS Monday you need to consider how other companies have done so far. I'm leaning towards a free for all Monday if the BFS doesn't come this weekend.

Oh, one more thing. If you think a deal is being worked on it would be wise to bear in mind that deals of this size can take a very long time.