More updates
Auditors are finally back from Mexico, so paperwork can flow.
PRO's claims are pretty peculiar in that it turns out they were also trying to buy the property at the time that Tara acquired it; in other words Pro had access to all the same info.
COL's whining about liens is equally odd in that the three liens were placed on the property when Tara made the acquisition, And the terms of the deal with COL were that the liens are paid sequentially as COL pays its draws to Tara. So far 2 liens have been paid on time and the 3rd will get paid when due.
And don't forget our former 'friends' at Lateegra.
Bottom line is we're dealing with the wild wild west, kinda like the bar scene in Star Wars. Tara has lots of valuable properties and certain parties would love to 'acquire' them by whatever means they consider possible, and you can rest assured that Tara management is fully prepared to defend our interests.
Other updates: my best guess (these are IMHO,so do your own DD!!)
TM will be up and running by March/April and generating $500K to $700K monthly.
Rich is a deal maker and he has great contacts in Mexico, so it's always possible to see more acqusitions. Turns out some big names were sniffing around our properties but were too slow to pull the trigger when deals were made.
Also, just my wild guess, but I suspect PZG will take us out of the San Miguel. The relationship (ever notice how we don't show up in their press releases) is such that they provide minimal visibility in to their activites and findings. I don't think it has anything to do with liking or disliking Tara, but I think it's just their way of trying to keep the takeout costs low, ie, too much good news makes our share more valuable. Just their way of doing business.
Some of us have wondered about whether title to our properties was potentially clouded and maybe that was the cause of the delay in the financials, but it turns out all the titles are fine and it was a delay at one of our local subsiaries that slowed up the audits. Again, auditors are now back and ready to catch up the financials.
Mr Biscan indicated that it's very important that everyone get their proxies in, and again he reiterated that He's not issuing more stock, but just increasing authorized number of shares. This will give him flexibility to finance new properties if/when available, and also let some bigger players acquire stock. He pointed out that some bigger investors have wanted to get on board, but our float is too small. Tara has access to funds if/when needed (which is good to know in this goofy subprime mess). He also agrees that there are probably some shorts pressuring the stock, but his focus is to build the company, and create additional value. The market will take care of the shorting.
Looks to me like lotza good things can happen in 2008. Make your own decisions but I think we should thank PRO for the bargain shares. Full disclosure: I'm still buying.
PS: read Lootfest's posts here and on SH.
Merry Christmas and Best Wishes for a TARA 2008
AI
