Louis,
the reason you are wrong is because the valuation of 200-300m is ridiculous. That is the first thing, and one of the most important things to consider here. The valuation in December is $1.4B, a few shirt months later they write down over a billion dollars in valuation, with get out clauses from the valuation experts, that indicate they themselves know their own valuation is flawed.
Secondly, when you have note holders buying up the company post-bk, it stinks.
Thirdly, when you have evidence that the BOD may have contrived this heist many months before hand, t is not hard to believe that the company is not hopelessly insolvent, after all who buys shares in a company post-bk that is hopelessly insolvent.
I am repeating myself here again in a response to you. It angers me greatly that you continually back the BOD. You have no shares. You have no right to comment.
I speak for everyone when I say that we would prefer that we lose everything - which we already have -and have the BOD and the creditors lose everything too. There is no way on this planet that a company can raise over $600m in public offerings over 7 years, use that money to build a mine, and then wilfully declare themselves bk by suspicious accounting activity, completely ridiculous currency swaps, and an absurd valuation, and get away with it. If there has been no wrongdoing here at all, then so be it, I still contend that even if there has been no wrong doing - which I do not believe to be the case - then there is also no way that ANYONE should benefit, be they a class that is higher than ours or not!!
There is a new POR from one James Roberson, that secures complete recovery for creditors plus 8.75% and also recovers equity. We should be able to submit the plan and take a vote. Of course this plan is n to so favourable to the creditors, but it is 'FAIR', something that has been sorely missed in this bk.
I find your continuing posts to be a symptom of all that is wrong in the financial world. You are a disgusting human being.
Let me be clear. The BOD and creditors should not make a single dime here. If equity cannot be secured in the largest gold mine in North America, then so be it. But indeed if equity cannot be secured, then no-one at all should be able to profit as they emerge from bk.
