VHGI Holdings Inc fka VHGI

[EDMGUY]

re:slowdown

You can try to spin it however you want but the facts are right in the just released 10K

[/As a result of the lack of sufficient working capital, during 2012 and into the first two quarters of 2013 we were forced to temporarily cease operations of the Landree Mine which has adversely impacted our results of operations.quote]
Trust me if they had made the very first 20k ton delivery on time they would be shouting it from the rooftops. I would too, it's a major accomplishment.

also the reduction in delivery schedule:

Because the mine is still in process of being completed and ramping up to full production, subsequent amendments to the original contract have been agreed to whereby the original supply requirement to IP&L over the course of the contract has been reduced.

As per the current contract requirements the Company is obligated to provide coal at the following rates for the next three years:

Calendar Year
Annual Quantity
2013
180,000 tons
2014
300,000 tons
2015(the extended term if applicable)
200,000 tons

Bottom line is if they don't get that financing completed pretty quickly they don't have enough cash to keep running. I am still on board as a stockholder so I hope for all of us that they get it done soon. They are at a super critical phase right now regarding finances. In addition the new financing should enable the swap of all the in-default debt for just debt. A lot of debt to be sure but at least not in default.
Still hoping for good news (official news not msg board nonsense)
GLTA