Crystallex's Only Asset is an Arbitration With Venezuela...
It is over a mining concession. Claim is for $3+ billion, and minimum is speculated at around $600 million. Crystallex has been in CCAA. Tenor has gotten their tentacles into Crystallex for 35% of the arbitration proceeds in a DIP loan. Management also negotiated their own little package of the proceeds, around 5%.
Compushare is owed $100 million plus interest in unsecured bonds, and the latest attempt at a Plan of Compromise/Arrangement sees Compushare wanting 15% of the proceeds plus 15% interest to re-fi the Bonds. It appears that the DIP loan runs out around Dec 2012, or thereabouts. ICSID judgement on the proceeds might be a year or more after the money runs out, and then there is the time to collect the proceeds. So, company will have to go to the trough again for more proceeds give-aways to stay alive.
So, appears management intentions are to stay alive through the arbitration by virtue of giving away arbitration proceeds.
I see the Company did do an SEC 6K and 20F filing on Jan 31.
I believe the financials (if any) are unaudited, as in the last filings.
Possibly, the SEDAR filings, if there are financials, are unaudited.
My holding was minimalized a long while back when the concession was taken away. Now holding, "learned a lesson," shares only.
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