Value, It seems to me you are being generous. 10% is the contractual position BAJFF will land at. BAJFF would need to pay the KC for every percentage point above 10%. This cost would amount to about $110,000,000 per additional 10%. BAJFF’s position would not support loans for additional percent purchases. The stock price would not support dilution to raise funds. This leaves BAJFF in a difficult position.
On the plus side , CEO Tom Ogryzlo, is brilliant and on the side of the common shareholder. His idea as of late is to convert BAJFF into a “Royalty Trust”.
This would guarantee shareholders that any “net” profit would be paid out to the shareholders.
Latest DD seem to indicate that 10% ownership would pay between $.04 and $.09 per year, per share. So if this was to come together, the stock is at a real bargain at this price. However, this all depends on the KC and continuing forward with Phase II. That is the last step for finance.
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