BADGE792, I will explain again.
First of all you should read page #7 of the MD&A recently posted. That explains how we got into this problem and you can readily see it was not due to error by PTQ. Therefore I do not fault management for the collapse. They were slow to realize the impact I will give you, but they were able to negotiate their way out of the crisis and will resume production soon. They did not look for the fight and if you remember it was an HT by a very large corporation. I believe it took about $20M in attorney's fees and nine separate major lawsuits to prevail. But, prevail they did and INMET is gone.
To your specific questions:
PR is coming shortly. Again this is not just something that you write and release. It must be vetted and approved by many entities. This has been done and it would be better to release just after a three day holiday than just before, don't you think? It will be conservative with goals that can be obtained quite reasonably.
"Run into the ground", is not too specific and more of an opinion than fact. When you fight and circle the wagons you must still meet contractual commitments especially those with the major player with whom you are negotiating a way forward. Bills do not stop either. To layoff in Panama is difficult and you must go through MITRADEL and continue to pay for months. Many contractual obligations must be maintained. So debt accrues. Fortunately much is in friendly hands. Choosing to stop production of course exacerbated the problem, especially with DB, but it was the right decision.
"...sold a lot of assets at a fraction of the price" is again a difference of opinion. I think we got decent value for what was sold. Others her were calling for a closing of the company and selling off the movables at auction like the one they are having now in Dubai where hundreds of junior minors have closed world wide and selling their equipment 'as is where is'. Instead we obtained all the money necessary to resume operations, generate a profit with no dilution and no debt being incurred. We kept our most valuable assets.
Why did we take 60 mil now but threw the offer back to Inmet?
That one is easy...We have traded well over $3.00/share twice and the future is very promising. We expected to prevail in the BCSC where we did not. We are building a company not running a retail store, looking for a quick buck with a fire sale. There were a lot of macro events that affected us also like the POG and the pendulum always swings back. I think we will be profitable mid-term. $0.60 for the whole company was not a reasonable offer,
as the BOD unanimously concluded.
What is going on with PDI ? Nothing is going on with PDI. We kept the company. It is profitable. Operating results will be reported, probably separated, in next Q filing.
What is the next course of action? Resume profitable operations. Probably turn a profit in Q1 FY 2015 that starts July 1, 2014 or in about 30 days. More information will be disclosed on that plan shortly, certainly before the EOM. We have sufficient money to resume operations and need nothing further.
What are we going to do about the remaining 60 mil ? Some is in friendly hands controlled by investors and will wait. Most have signed off on the 'deal' and will be paid overtime according to that agreement. One party has sued for $1M, but I do not believe it has much merit. It is still in discovery. Over time older debt will be paid from operations and become new debt.
ETC, ETC, ETC. Can't really address that...
Yes this is a difficult situation at the moment, but the worst is past and we survived. A quarter or two of positive earnings will raise the SP quickly since we are very thinly traded. We will have the money we need on July 6th. If you look at our history we have traded from $0.03 to $3.00+ to $0.15 to $3.00+ to $0.20 to $1.29+ and back to where we are now. Now that the crisis is past I am not concerned that we will again see a new ATH in the future.
Personally, I am not feeding you anything and I do not care if you invest, listen, or do whatever you choose to do. It is of no consequence to me and does not affect my judgement. I try to give you an honest answer from my perspective and I risk my money based on that analysis of the situation. If I am wrong then I will lose that investment. One thing you can be sure, either way, I will take full responsibility for my decisions to seek to maintain family wealth and not moan, groan, cry, and complain on a public board. Certainly one should not do that when they do not even have the facts to make a critical analysis of the situation.
If you do not believe in the future then you should sell immediately because the SP may go much lower yet. If you believe in the future then you should be buying as much as you can everyday at these prices. If you have no disposable income with which to invest then you should not be here. Prudent money management is the essence of investment and preservation of wealth. This is a very high risk area as you should know, certainly by this time.
I am satisfied about how things are transpiring and support management. I would like to see a strengthening of the BOD in certain areas. But, I am not looking to change anything until we have posted a profit.
PS: Large stockholders are required to report sales by law or corporate rules.
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