Don't know why you bother. The balance sheet, and the convertible part of the loans, are over his head. No doubt he will think the $67M gain on those loans in the 3rd Qtr of 2012 was a great achievement while the stock price disappeared through the floor.

Another fact is that Titcomb left the company with more than $100M in the bank, and operating costs which were a record low, despite the exchange rate. The costs would have been at least 15% lower if todays rate prevailed at the time. All that progress was ruined by Clausen thinking he knew better. The director with the most votes withheld at the AGM, but the only one not to resign. His day will come.