Replies to post #92345 on North Bay Resources Inc (NBRI)

[JB3136]

I've seen plenty of stocks actually in bankruptcy worth more than this one. it's all pretty pathetic really.

[Anvil]

Spanky, what are you talking about? NBRI owes money to all the covert holders, approximately $1.7MM. The Company, not their wholly owned subsidiary RGI, owes $1.7MM to Ruby Development Group.

At a minimum, Tangiers debt is secured by all assets, obviously they only have a second lien on the Ruby.

So if they were to sell the Ruby, they would have to net $1.7MM for Ruby Development Group and approx $8-$900k to Tangiers in order for the sale to happen. So they would have to sell the Ruby for a minimun of $2.6/$2.7MM.

In the meantime, they had $32k at year end, and most likely got another $50k cash from Ximen in early March.

Versus the $60k/mo. for Ruby, $7k/mo. for Canada, and $5-$7k/mo. for legal/accounting, per the documents. That equates to $72k/mo.

And as per the $10k, they did not sell any Ximen stock but realized a $60k+ loss on the value of the initial $100k in stock.

[es1]

Well I would love to know how they plan on selling the Ruby when they don't own it. They would need a few million bucks and they wont find anyone willing to buy it when it doesn't produce.
BK is not just an option it is the only option without gold production.

The Ruby will be seized and the rest of the properties sold. They wont even get the money to pay off the VCs from the fire sale.