Its a classic example of the Golden Rule, he who has the gold makes the rules. In other words, manipulation.

The largest shareholder is Ned Goodman, through various funds etc. He has financed this company for years. Despite participating in PP's at continually lower prices he has used the losses to his advantage while accumulating a larger and larger position, even going so far, IMO, as having his puppet become the CEO in order to further dictate direction (goodman was also heavily involved in Breakwater).

The 43-101/guidance/capex requirements were not good. But IMO, it was a vehicle/excuse to drive the SP into the dirt in order to get the most favourable terms for the next financing. There can be little doubt to me that those putting up the money had advance notice of the upcoming requirement and orchestrated this whole thing. A retailer has to figure out how to play the game or the individual will be skinned. That's just the way swimming with sharks is.

AIMO

Those pulling the strings will not go private or sell, if at all, until all major financial requirements have been addressed while being public or until the company becomes a cash cow. In the meantime the little guy continues to take it up the hoop