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Re: downsideup post# 4448

Monday, 10/12/2009 11:34:56 PM

Monday, October 12, 2009 11:34:56 PM

Post# of 65657
Smelter contract with an undefined percentage, taken off the top... to be paid to a company no one seems able to find... perhaps a Seychelles entity ? Is the smelter another family owned entity, with PQ taking another cut for doing the work he is already getting paid for twice ? Seems likely.

Mill payment is ALSO an undefined percentage of production.

Goldcorp, not SFMI, has the leases...

Goldcorp management, the same as SFMI... NOT arms length deals.

Goldcorp gets 15% of production, off the top... ie, SFMI gets to pay all the bills, Goldcorp gets all the profits.

Management double dipping, get paid AT LEAST twice for work done once.

Wife and son... get paid, too.

Convertible debentures for funding... funding by unknown investors through Seychelles accounts... creates debt risk, and time risk.

Management has no experience in mining... continually making errors in planning... resulting in delays and more delays.

Time critical debt payments... what happens in default ?

WHEN the wheels come off at SFMI... what is the impact in what happens to Goldcorp... and what does that mean about how the incentives are structured ?








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