Colbeck's game is also priming Cyrus. Every nickel the extract as the secured creditor impairs the Cyrus loan. I'm guessing Cyrus is marking their debt at par for now.
It's been 5 months since the EK deal was announced and two months since shareholders approved.
Clearly there is a problem with getting the deal financed.
If EK was smart (IMHO he's dumber than a potato), he'd now negotiate the deal down to $20M or so -enough to get Colbeck out and perhaps 10 cents on the dollar to Cyrus and be done with it.
Would also make a ton of sense to cleanse the liabilities through a quick bankruptcy.
Really fascinating to watch the corpse twitch like this.
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