Bankruptcy Q Players

[finbar99]

I really don't think it will go that low....but with over 500 mm shares out and a near 6 month halt, it's hard to say what can happen in the very short term. I have two types of companies that I follow in earnest - bankrupt companies and gold miners - you don't often find bankrupt gold miners. I think Burnstone is a fairly unique asset with 6 mm ounce resource and 12 mm oz measured and indicated. A competitive auction process would not surprise me for this mine. If it get's near half a penny, I think we'll see some real speculative money come into the shares. As the company stated in their first day CCAA affidavit - this is viewed as a cash-flow insolvency case - not a balance sheet insolvency - that is almost a word for word quote of the sworn testimony given to the court. That view could be incorrect - but it looks like a reasonable opinion to me.

edit: Cork - don't I recall that you have a soft spot for miners too?