Belive,
The Luck is gone. CLL Natural Gas properties has been sold quietly in April 2011 for $22.5 million (2 lines in 66 pages of quarterly report).
Why quietly? CLL purchased Luke Energy for ~$220 million + Luke`s debt assumption. Over $200 million loses.
Another fire sell example was PDP. They could easily spin PDP for $250 million just like Petrobank did with Petrominerals.
Instead in 2009 CLL spend 12 million cash (loan) to buy additional shares (increased holding to 27 million of PDP shares) and swap later on for GTE shares and booked $4 million losses in the process.
Now they will book additional lose on the disposition of GTE shares (received deemed price of ~$8/sh sold for about $5/sh).
For those posters/readers who purchased CLL shares recently:
Total of ~$2 billion in loans and equity ($4.4 per share) received by management was converted to $400 million in market equity (90 cents for shareholders). This is a short history of creating value for the shareholders.
