My overall position with respect to SKRRF and its short-term perspective is in line with most of your thoughts and those of others on this board. The numbers for the third quarter are VERY encouraging, primarily because of the "operating" profit.
With respect to the MM/CC position, I do think they will do more in the short term than simply tying to get some cash out. I think the need to, as they are very far away from break-even (not enough value there for them yet, IMO). By capitalizing the ORe debt and renegotiating the conversion price they could set te company up for some level of new business (maybe small, but very meaningful at this stage). CC does not need money back for a LONG time (these funds can normally hold for more than 7 years). MM can hold forever. Furthermore, there are significant NOL's that could be utilized, but not if they sell. As such, I do think they will aim for something more than run-off, and they will likely try that in 2010. (Even just shielding the ORe purchase from income tax could easily be worth $70 million, based on guesstimates of purchase price on this board).
If they ever had an opportunity to wipe out the common, I think that was before the last three quarters, when the company was pretty much given up for dead. They did not do it! Now they might find it difficult to justify not giving other shareholders something. When they are done buying back SKRRF's debt, they will turn unto the common share issue, IMO.
And then, even if I am wrong regarding all of the above, it seems that all of you are missing one additional thing ...
