All good points, but the basic truth here is that the Hondo operation has very little value, and nobody in their right mind would pay $88 million for it. There is very little gold in the tailings, the Tennessee Mine was washed up and mined out 70 years ago, and their "proprietary" process is a fraud. Class desert dirt scam.
And, they are in serious trouble with the State of Arizona regarding environmental violations. It is quite amusing to read their 10Q which makes no mention of the Aquifer Protection Permit that they need to be legal, but brags about the violation for the air permit being dropped.
As for that 10 million dollar "bank instrument" - funky is a good description. I picture something written in crayon.
