Applied Minerals Inc (AMNL)

[MasterSalix]

Applied owned the mine well before they took out these loans - back when they were Atlas mining - back in 2005 Atlas bought the mine for $500k - the Applied of today took over from Atlas in 2009…

About 10 years ago they started with these PIK loans - first for about $10M…

In 2013 and 2012, the Company had accumulated deficits of $38M and $28M, respectively, as a result of unprofitable operations….they have been trying to dig themselves out of that hole (no pun intended) ever since…

So it isn’t like they bought the mine with that money - they racked up huge debt rather quickly via incompetent management through failed, unprofitable operations…it is entirely accurate to say this debt was for nothing and Applied has nothing to show for it -

true, we have the mine, but we had that before…and…for much, much less than $48,000,000…