Pinetree Capital Ltd (PNPFF)

[WF]

Rich,

I hear you, Rich. HOWEVER, these guys made their living gobbling up miners and drillers that were desperate for capital and couldn't get it through more traditional sources. Like most of their ilk, they likely brutalized small companies that were desperate for cash, extracting punitive terms and take huge shares of equity for themselves. There called vultures. That's the nice term.

My worry with these guys is - the shoe appears to be on the other foot. I wouldn't get too carried away as long as these guys are busting their loan covenants and defaulting on loans.

Further, if I am correctly informed, there appears to be a major housecleaning of senior management and a reshuffling if Board Members. I HAVE NOT HAD TIME TO VERIFY THIS INFORMATION, but if true this is not a good sign and was likely forced upon the company by debt holders. I want to learn more about this. This makes me very nervous. Witness what's going on with Greece right now. "He that has the gold (even at these low prices??) makes the rules.

The shoe does appear to be on the other foot.

WF