A co-investor of mine just received this reply a few minutes ago. Maybe some one has already posted this.
Sir,
Please forgive this generic response. We are inundated in shareholder requests and we are busy finalizing the GNCC and Premier Quarterly Reports.
The Filing made yesterday was done as we had an obligation legally to advise shareholders of a material event or a potential material event.
No, this does not mean that the Premier Development & Investment, Inc. (“Premier”) subsidiary company intends to place GNCC in breach or in default. Nor are we even at a point of deciding as to whether or not Premier wishes to own and operate USA Lithium Holdings, Inc. in that event.
We wish to point out that Premier is providing the day to day funding to GNCC in order to protect Premier’s interests in GNCC.
Premier’s interests in GNCC are aligned with all GNCC shareholders given that Premier is GNCC’s single largest shareholder and has no desire to lose money on that investment.
Premier is also beholden to its own shareholders and to its own Lenders and has to act in their best interests and listen to their wishes or ideas.
GNCC still retains its Gold and Silver Mining Interests and is not about to “go out of business”.
Yes we need to clarify the situation in more depth and we will do so once we are in a position to do so as discussions remain ongoing and until finalized; it is pointless to update GNCC shareholders.
GNCC has for many years now has not been in a position to raise funds due to its share structure and has relied upon shareholder loans to stay alive as reported in each and every Quarterly and Annual Report.
Sincerely,
Ron Lowenthal
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