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Re: MGTY1 post# 3261

Friday, 04/22/2011 2:21:25 PM

Friday, April 22, 2011 2:21:25 PM

Post# of 4759
So, based on those financial statements, it looks like wrspq has a bit over $1M left in the bank, most of it in the account tagged as "yenura account", which I assume is where they parked the money received from the sale of assets to Yenura (samara). They received around $5M in that sale, and I recall that Liberty got a lot of it as repayment for their DIP financing of wrspq. At the current rate of expense, the cash remaining will last around a year I think, perhaps more. Now, if you like conspiracy theories, this might be the plan to simply let the hogs slop at the trough and suck out the rest of the money till it's all gone. As of now, you have lawyers of all flavors getting paid, and the so-called turnaround guy. One thing interesting is the accounts payable ledger, showing companies waiting for money. I'm sure they're not happy about this situation.

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