“There’s been a lot of talk about this next song, maybe, maybe too much talk” (*)
I know “Otto” at IKN personally, consider him a friend. I know he’s been telling the story of Minera IRL because he feels like it’s the right thing to do, and it’s fascinating entertainment for someone like me outside looking in.
Bad stuff happens in business: someone made a bad bet, the economy goes sour, a competitor comes out with a better product, you name it. None of that is the case in this Minera IRL saga, it’s just complete organizational dysfunction. I said a few months ago “the Board has no choice but to clean house” but obviously the problems don’t end at the executive level (do they have any executives left?).
Even if only 10% of the information that is publicly available is true, there can only be 3 reasons any publicly traded company is so dysfunctional:
1) The Board is incompetent.
2) The Board is acting in violation of their fiduciary duty.
3) All of the above.
If you’re voting on the EGM resolutions, that’s really all you need to know.
(*) How U2 used to introduce “Bloody Sunday” when U2 were still cool.