Bergamo Acquisition Corp. (BGMO)

[old man river]

As for the revenue size of Adelmann, you can check out the following trade site:

http://www.environmental-expert.com/stse_resulteach.aspx?cid=19652

If they have been in business for 30 years and have done say 2 fridge plants per year and GreenSafe says the cost of two plants is 46 million, by the time you add the other product lines, I can see 100 with no problem.

With vendor coordinated financing, I would concur that 50 mill is not needed. I suspect it could be trade financing like buying a car. The salesman sells the car to you but the local bank provides the funds. The dealership gets a cut of the deal but does not provide the $$$. This is much bigger deal though.

If they got 80% financing, they may only need $ 10 mill. Who knows. With their own money on the table, perhaps GS may only need a few million. Again, who knows.

As for the matter of the groundbreaking, they obviously got permission somewhere to do it otherwise why the exposure to the added risk? I wouldn't do it. I do not think you would either. I have seen nothing in the regional press on who gave permission and I do not think that would have been reported anyway.

The weather was mild enough to do the footings down home. Everything considered, it appears as though the timing was still okay for a partial start of the plant.

As for the cheque, it was a valid cheque in Canada as the original pictures taken of the day had the bank encoding.

The physical size of the "cheque" does not mean anything to banks here. There have been some done on tree bark a few years back and the banks accepted it as long as all of the bank codes are on it.

The real question in my mind would be "did BGMO say they had the money and GS based on the evidence reasonably believed them and arranged the event"? Was it an honest arrangement that went sideways? From what I see in the blogs, the Patriot Act threw HH for a two month penalty. I would say it was a series of unplanned events. Many of the current comments on this site seem to suggest money is very close at hand. If true, then BGMO will have a winner in GS. If not, GS may be able to get the last few dollars needed to build the first plant.

My musings from an interested Haligonian.