I totally agree. This is a risky bet. A very risky bet. Companies don't trade at 7% of book if everything is peachy. Though some on here and other forums would beg to differ. Banro is a distressed security with huge working capital issues. Look no further than the job title of the guy managing Gramercy's relationship with Banro: "Senior Partner, Emerging Markets Distressed Portfolio Manager".
I have been saying for a long time that they need to put some lipstick on this pig and find a suitor.
With the recent slaughtering of other miners there are now other bets out there with far less balance sheet risk and quite a bit of upside potential.
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