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I have not read the hole document yet but yes they are trying to reverse the sale to Waterton because it does not even cover the administration costs let alone any debts (which is no news to all of us right). Interesting turn of events indeed. So if chapter 11 is dismissed "all agree that best available option for all parties in interest is an expeditious exit from bankruptcy protection." as is chapter 7 for the same reason given above what is left? It is hard to read between the lines here but the only one that seems to get hurt here is Waterton (they lose their honey of a deal). How does this affect GBG and Hollister...don't know for sure I will try to read the rest of the Motion to Dismiss tonight.
Dismissed from chapter 11 (Waterton deal) which was for all assets. Chapter 7 would return even less money than chapter 11 so no go there either. If it is dismissed from chapter 11 Hollister must return to GBG I would think and possibly a restructured financing plan or some other vehicle to recover the asset value for stakeholders. I guess time will tell. I'm not sure how this affects the Burnstone sale or if it even does. Interesting events not sure how it will all play out but Hollister looks to be back in the mix.
Hollister chapter 11 to be dismissed, Hollister still on GBG web site, Burnstone bids in and the BRP to be announced on Friday, new job openings at both mill sites last week...things that make you go hummmm. Let's say the Chinese make an awesome deal or JV with Burnstone and GBG would you not try to bail on the horrible sale of Hollister anyway you could. Things are getting very interesting here.
"Waterton Global Resources together with Apollo Global Management LLC (APO), Commodity trader Trafigura Beeher BV and Denham Capital Management LP are reported to be setting up its first natural-resources fund and are assessing at least four potential mining deals."
We now know Hollister was one of the four potential mining deals noted above so the question sits is Burnstone also one of the deals. I'm thinking they are involved, weather they got the deal with Burnstone or not will be revealed soon enough. I'm thinking a JV with GBG and Burnstone. Time will tell.
I do think there is a chance that Waterton will JV with us on Burnstone and Hollister may be part of the horse trading for this BRP. I guess we will find out soon but it would help understand why Hollister was apparently given away.
http://www.prlog.org/12100682-waterton-global-resources-ready-to-deploy.html
I figured out how Finny tells the future...he uses his magic 8 ball. "Will GBG announce the BRP on the 21st" shake shake shake.
Don't matter if you been in the dark mine for ages as long as that thing in your hand is not coal but gold it was all worth it just like us GBG investors it does not matter when the news comes as long as it is good.
1-1 going into overtime on game two Chicago has carried most of the play tonight but Boston has hung in and only needs one awesome chance to tie the series up...hope they do I want the winner of this to earn it. Have a great night N enjoy period 4.
Don't be too surprise if all we get in six days is another extension to the BRP schedule but I am hoping for the BRP to be announced.
GO HAWKS GO GO GBG GO Hey N did you get any of those cheepies the last couple of weeks? I am trying to unload one of my other penny plays in time to add an additional 400k before the 21st but it will be a close one I did manage to pick up an extra 100k but I would like more.
I'm routing for the Hawks jsut because I have a few Bruin fans at work that have been driving me nuts the last couple of years and I'm still winning two hockey pools and will win them if the Hawks win. Great hockey I can not wait for the game tonight.
I only drive used trucks no need to pay the huge depreciation for the first few years on new ones...like giving your penny stock money to a dealer for nothing. Have you started designing my 6 oz gold trim dunce hat yet lol I am hoping to wear it proudly next to Finny at the B. I think we have a very good chance of making some real money on this play and we only have until the 21st of the month to find out. Have a great day GPB.
I agree with you GPB that the Hollister information should have been removed from the web site within days of the Waterton press release, if there is no JV you would think Waterton's lawyers would direct GBG to remove the Hollister information from their site as it would be false advertising and misleading for both the new owner Waterton and GBG potential new investors. The 15 Million dollar deal sure would seem to only cover the mill so you may well be onto something here and I hope you are. Have a great day.
Some see the glass half full others prefer to see it half empty I suppose it is all good many never see the glass at all.
My estimate for Burnstone's current winning bidder. Assuming a three year return on investment for purchaser; Current price of gold = $1390; cost to mine gold = $600; 200,000 ounce per year production. Quick math 200,000 * (1390-600) = 158 Million per year * 3 years = 474 Million. I would not expect to see less than this amount as this mine has a 26 yr life expectancy and the price of gold is expected to explode soon as reserves are at an all time low and the price of gold has not been corrected for this to date. I have no idea of the upper limit we could get for Burnstone but not less than 475 million IMO. Any other estimates out there. We already know Finny's less than 200 Million guestimate so no need for your response here bucko.
OK so you were 460% off with Hollister (guestimated 70 M actual was 15 M) so applying that to your Burnstone guestimate of 200 M we should get roughly 920 M (200 x 4.6)for Burnstone...wow that is exciting news.
Less than 200 million are you sure...maybe review the information below and try a more educated guess. Have a good one Finny...looking forward to your real estimate of what Burnstone is worth.
Burnstone Mine Overview :
Location
:
Witwatersrand Basin, South Africa
Commodity
:
Gold
Ownership
:
100%
Property Area
:
134 sq miles / 347 sq km / 34,654 ha / 85,633 acres
Infrastructure
:
Close to a major paved highway; power from national grid (Eskom); two rail lines & water pipeline
Mine Neighbours
:
Harmony
Burnstone Project Key Information (Areas 1 & 2) :
Reserves
:
6.4M Au oz @ 4g/t Au cut-off (Proven & Probable)
Production Rate
:
5,000-6,000 Ore tons per day
Recovery
:
95% Au
Production
:
200,000 Au oz (Targeted Annual Average)
Life of Mine
:
26 years
Cash Cost
:
US$600/ Au oz (ZAR 8 exchange rate) LoM
OOOHHHHH S8x you gonna get it now, Finny tell him what that waitress said again you know the one from Vancouver...had something to do with the universe or such...let him have it Finny.
Hey N I don't recommend choking your chicken while thinking about GBG at the same time...just kind of sounds a little immoral to me lol. Hope the gold price explodes but would it even help at this time what ever deal we have was made a couple of months ago right. I just hope all this delay is a good thing for us.
Did you watch that six period game last night it was awesome wow I can not wait for Saturday the hockey was extreme. Have a great day and leave your chicken alone...it's not his fault.
I hate it when it is what it is.....I can't wait until it is what it was. GBG going to defy the odds and sell Burnstone for an obscene amount of money. I guess we will find out in a week or so.
Picked up another 100k today for good measure. I liked picking up some cheepies but would like it a lot more the the price was rising instead of falling. Have a great day GPB.
GPB did you unload another 1/3 of your vacation shares again? If this is insider trading that can't be good on the plus side Damn you can probably get your position back with interest today. Looks like that 1+ million share sell triggered a lot of sell limits.
I like the way you think S8X I have been thinking the same way since Hollister was given away but could never express it as well as you just did. Thank you.
OH NO NO NO GPB will make the design I only need to wear the 6 oz gold cap if we win. I still think this is a big gamble but nothing has changed since I got in just after the stock started trading again except I thought they would sell the big mine quick and keep Hollister instead it has turned out the other way around may be that was the GBG plan all along. A big gamble you bet and my 600K could be tossed in the garbage with the rescue plan next week but what if it is not? At the current PPS even if they give the equity holders 15 - 20 Million we would win if they by some small miracle kept the current shares in the future plan we would be worth a lot more within a year that would be a win win win I think it all depends on how much Burnstone brings god I hope GPB is right and the Russians and Chinese are still in the mix. Have a great night WI.
Hey Finny look at all the trouble you got me in tonow Dunce caps weather GBG wins or loses. OK GPB I will wear my cap if my lotto shares win me some cash but that's under the condition that my cap is made of GBG gold trim (at least six ounces) as supplied by GPB...then me and Finny are going to fill his cap with beer and party like it was 1999. Just relax GPB everything is going to be alright. Have a good night...maybe you can start working on my cap design tonight lol.
I do not see the volume on this stock increasing before news of the Buiseness Rescue Plan...I just hope the plan includes keeping our shares on the market in many restructuring plans the equity holders are left with nothing but there is the odd lucky few that see gains. I simply do not see any problem with Finny expressing his views on this site it is not like there are a 100 new investors buying this stock on Monday and even if there were they would consider our views as hard as Finny's so let the dude grab the soap box every so often.
Boston and Chicago this is going to be very good the hockey has been amazing and the Pens have a long long summer ahead of them. I can not believe Fleury choked again this year collect that 5 million anyway. Amazing.
Hey Finny your in the hot seat today buddy boy lets not get all personal like...although they did call you a troll that must of cut right to the quake eh lol? I think your just misunderstood is all and like it or lump it you have had some valid points in the past though tough one's to accept as possibilities when you are holding the stock on a prayer. Keep telling it like you see it big boy some of us are man enough to listen and regard or disregard the information. Lots of possibilities both positive and negative with this play. Have a great day.
Hey Finny if by some act of god you end up at that table for one I'm coming over to fill that dunce cap of yours with beer and we is going to have a good ol time, for my part I hope it happens but I do agree with you the odds are against us. You can not win the lottery if you do not buy a ticket. Have a great day Finny.
What is bankruptcy protection?
Canadian companies don't actually file for "bankruptcy protection" when they go to a Canadian court to seek protection from their creditors. They do file for protection from their creditors under the inelegantly named Companies' Creditors Arrangement Act. That's a federal law that basically gives a company time to try to work out its financial difficulties with its creditors.
A company files under the CCAA for permission to come up with a restructuring or reorganization plan that would give it time (often 30 to 90 days) to rearrange its affairs so that it can keep operating.
As long as a CCAA order remains in place, creditors are not allowed to take any action to collect money owed to them. They can't seize the company's property or petition it into bankruptcy.
Since a CCAA filing is made because a company is deeply in debt (under CCAA rules, a company must have more than $5 million in liabilities), the first order of business is to strike some kind of deal with the people or organizations to which it owes money. That includes lenders, unpaid suppliers and bondholders, to mention a few.
Negotiations between the company and its debtors can take weeks or even months. Essentially, the sides are trying to find a compromise with which they can live (for example, creditors might agree to accept 50 cents on each dollar of debt).
Can CCAA protection be extended?
Yes, under CCAA rules, court-ordered protection can be extended many times. After Algoma Steel filed for protection in April 2001, the company obtained eight extensions before emerging with a new ownership structure.
Who gets priority under a CCAA filing?
Not all creditors are created equal. Priority typically determines the rank of creditors in which they may be paid by a debtor.
Secured creditors, including lenders and debt-holders, typically head the list when it comes to getting back their money. Secured creditors may hold a security — such as a mortgage or other pledge — for their debt held.
Unsecured creditors are next on the list of repayment. Unsecured creditors have lent money or provided goods or services to a debtor without securing the debt.
Hopefully when all is said and done we walk away with a few cents a share at least the market cap is so low at these PPS values it is had to imagine it will go any direction other than up from here.
I can not believe the Bruins have destroyed the PENS like they have, I'm rooting for Chicago tonight I want to see a Boston vs Chicago series lots of blood sweat and tears if that series happens.
GPB the GBG web site makes it very clear that all updates in the Business Rescue Plan will be kept up in the GBG site locations which when you review them are quit transparent on the complete process and update to date. I do not see any reason a company fighting bankruptcy would ever issue costly updates during this process it just makes perfect sense to me how they are handling this. A lot of Lawyers are involved so the company must be careful how PR's are worded and handled. I have no issues with how the company is handling this. If you need constant comforting just keep reading the Burnstone property reports that should help. Have a great day.
I'm with you on this one Finny no change this is still a speculative buy but the upside potential is amazing hope to add a few hundred K before the 15th if possible...good call as usual. Have a great day.
Not me I already put a down payment on my Mozarocky...not too long though and then it's TO THE MOON GBG BABY. trying to figure out the trading patterns of GBG is almost as hard as trying to figure out what the bleep is happening with the Pittsburgh Penguins it is all a deep dark mystery.
OH you have gone and done it now N Finny's going to blow...he worked all weekend for that article and then you have the tenacity to...well.
On a different note what do you think the chances of the Beaners winning the second game on the PENS tonight is...I'm thinking no and what about Chicago 2-0 amazing ya never can tell in the playoffs.
Have a great day guys.
How is Fannie treating you so far? You may have done the right thing unloading some GBG I don't like the sounds of the last report but who really knows how this will end. Have a great night Damn.
How is Fannie treating you so far? You may have done the right thing unloading some GBG I don't like the sounds of the last report but who really knows how this will end. Have a great night Damn.
Just rub a little GOLD bond on the sensitive area (which should increase the price of gold by Monday) and pull the trigger on that ask Finny....you know you wanna. Have a good one bud.
Someone had to buy Damn's 400k last week...I bet it was Finny...GO GBG GO.
I threw a few bucks at this gambling that there may be something left after the dust settles it is a checkers or wreckers investment and I have always known that...it is looking more like a wreckers future at this point though but it is not over until it is over. I don't need much give me a company with .03 PPS and I'm a very happy man...time will tell. Have a great day Finny.
The only thing in the last update that kind of shook me up was that they were considering giving up the Tanz properties for nothing... say what... no one to buy them on the cheap and give them flat out up...scary stuff. That is a state of the union that Finny is preaching and I don't like it. Hey Finny pray for us would you buddy boy.
I have one hockey pool in the bag with the Chicago win, I lead a second but must pick the two teams to make it through the third and fourth rounds I'm going with Chicago and Pitts. I have a third pool that I could win ( in 8th of 85 and I have all Chi/Pitts) so I may have some pool cash soon to invest more GBG shares. As bad as things seem my gut keeps telling me to load up as much as possible...my gut has an uncanny way of always being right I guess time will tell. Good luck with your Bee's N I hope Pitts wins though.
Best of luck Damn hope you make a killing in time to make a killing and join us at the B with GPB. Sincerly I hope you win big time.
You da monster Finny go kill dem dreams with your negative reality. I just hope there is a few cents per share for us beggars after all this is said and done.