Great Basin Gold Ltd. (fka GBGLF)

[finbar99]

This is fuglier than I thought it would be. Basically they sold for 15 million cash plus the net present value of a net profits royalty capped at 90 million over 9 years. That will become an asset of the estate and will no doubt go to CS via the bk plan (hence the CS side letter referenced in the APA). I think CS comes out smelling like a rose here - they can heavily discount the NPR on multiple counts and take 100% of it as the secured lender on Hollister, with secured claims left over. Those Waterton boys never cease to impress me.