Great Basin Gold Ltd. (fka GBGLF)

[finbar99]

No, Franco Nevada has a NSR on the property - that comes off top line revenues of Waterton going forward - and NSR's are more like property rights - they go with the property, not the company. Franco Nevada filed a limited objection for their NSR to be specifically referenced in the APA.

Looks like the NPI that initially goes to GBG will be 10% (though I saw a reference as well to 15% - one or the other is a typo). As I speculated earlier - this will go to Credit Suisse via a plan - and guess what? The plan was earlier this evening. Credit Suisse takes everything, though in their generosity they are tossing a million bucks into a pot for the GUCs (general unsecured creditors). Not a whiff of JV in there unfortunately. At one point they refer to the auction process as 'unsuccessful' - yes that's an understatement. Here is a link to the Rodeo Creek Disclosure Statement - which also includes a copy of the Plan of Liquidation. Disclosure Statements are always good reads - the attorneys are supposed to tune down the legalese.

http://www.gcginc.com/cases/rodeocreekgold/pdflib/426_50301.pdf