A binding document that a buyer can request from his bank in order to guarantee that the payment for goods will be tranferred to the seller. Basically, a letter of credit gives the seller reassurance that he will receive the payment for the goods. In order for the payment to occur, the seller has to present the bank with the necessary shipping documents confirming the shipment of goods within a given time frame.
So it is nothing more than a guarantee that the money will be there once the contract is finalized and the goods are received. It is just a letter of proof that the company really has the $28 million. Nothing more.
The agreement still has to close first, but it's a big domino effect as I explained.
First GLER has to get the $100 million from the fake financing company (an agreement that officially expired in April).
Second GLER has to pay Modern Coal $25 million to close that deal
Third GLER and Modern Coal have to pay Samuel Coal $7.5 to get the rights to the coal from their alleged property.
Only after all of that can GLER and Modern Coal close the agreement with the unnamed International Coal purchaser and received their $28 million.
It's a big fraud and all the dominoes will fall once again like they did with GFC 2005 LLC, Wins International, Biosynergies, LLC, and Innovated Concepts of Ethanol Corp.
No money from LB Tim Co Ltd means no Modern Coal deal.
No Modern Coal deal means the Global Earth Natural Resources entity gets dissolved.
No Global Earth Natural Resources entity and No Modern Coal deal means no purchase of Samuel Coal property.
No purchase of Samuel Coal property means no $360 million contract with the unnamed large international coal purchaser.
Market Data 
Markets 
AI
