I think it is very unfortunate that Joe has left the company, he seems to be well regarded in the oil industry. I think that his purchase of 125,000 shares at $5.16 clearly shows that the problems with PSN are from the finance side not from the US operational side. He was Poseidon's Senior Vice President United States Division. I think his purchase shows that he must have felt that operationally things were doing just fine in the USA where PSN does most of their work, or at least he must have felt that the industry slowdown occuring wasn't going to last. Why would he resign? Probably when he found out what a mess the finance side was in with collections etc. He was doing his job but senior finance management wasn't (CFO and probably also the CEO) doing their job. They may have also been pulling their horns in and not letting him do his job.
Poseidon's loss and ours as shareholders as well. Maybe when the management slate gets cleaned up he will consider returning. Are you listening Joe? We want you back please.