Hycroft Mining Holding Corp (HYMC)

[Southbird66]

Agreed. . . I personally know these guys (Edgar Sergent of Susman-Godfrey and Mike Willingham, now on our official EC) and they are top-notch professionals. I'm a lawyer by profession and IMHO they did a great job on the WaMu (WMI) case and secured a miraculous recovery for shareholders after going toe-to-toe with big hedge funds and other Wall Street "big boys". (I am up more than 3x to date overall on WMIH despite my worst paper loss ever when BK was declared in 2008.) Mike has notched many wins by advocating for shareholders in bankruptcy (see Mirant, Pilgrim's Pride, Calpine, etc.). He is savvy, a great negotiator (poker player), a wounded warrior Gulf War I veteran, former Oklahoma oil roust-about and has carved out a professional niche in this space as a forensic accountant. We are very lucky to have him on board. . . Edgar is a great litigator and very honest and smart and will do what ever it takes to get justice. . . And this case (unlike WaMu and some others) is really very simple: Allied Nevada management had a good company with valuable properties and good prospects but went too far into debt by spending too much on long-term Cap-Ex when commodity prices were dropping, resulting in temporary illiquidity. That can be solved by means that don't require extinction of equity or it's dilution with some b.s. warrants. Expect a viable alternative POR from the EC, soon, with another way to raise the needed money to service the debt. Then the games will really begin in earnest.

Disclosure: Very long.