I personally think Pierhal's loan at this point is just a red herring. He needed the money in 2012, couldn't pay it back and both he and the company agreed to a reduction in his salary to clear the books.

From the MD&A:

"During 2012, the Company loaned $100,000 to Leon Pierhal, President and CEO of the Company. Pierhal agreed to repay the full amount of the Indebtedness by a reduction or offset in the amount of remuneration payable to him from $252,000 to $185,000 per annum and the amendment of terms of his employment agreement (the “New Contract”). The full amount of the Indebtedness was discharged in the form of a lump sum contract inducement payment to enter into the New Contract, which payment was not physically made, but constituted the consideration for the reduction in the amount of remuneration payable to him and the amendment of the terms pursuant to the New Contract."

I take the viewpoint that he obviously needed the loan at the time in 2012 so his salary was not enough to cover his expenses at that time. He has now agreed to a roughly 26.6% reduction in salary(still not too shabby but a good percentage less than what he was accustomed to) to repay the loan ammount(after compensation payed for his change in position and signing the new contract.

I'm sure that we will find that a lot of us will agree that he got away with one heck of a deal, but that's the red herring part. We could all be upset at what could be seen as misused funds but I'll add that we don't know the details of why the loan was needed. This is where I personally take the high road and give them the benefit of the doubt.

Because the bottom line as I see it is that he is taking a big hit in income shortly after needing a substantial loan. This can only be seen as a positive at this point. I believe Lee Pierhal and all management have the outlook that his life of "poverty" will be short lived. Which is apparently the same outlook that the vast majority of us here express as of late.

So here's to another green day, and many more to come.

GLTA,

Green