Dugsab. I'll finish that sentence. He could have walked and taken the lot with him, as the company was in debt to him to the tune of over $19 million and with NO dough!!.
But, we gave him credit(???) for not doing that and taking shares instead(!!!)
HE took that punt and has seen his share value and equity get smashed, BUT, he will still end up with over 40% of a $600 million (in the ground) gold asset. He is a MAJOR creditor with security over all of LNY's assets!!
Sure he's kept shareholders "in it" but, at what cost, 97% reduction in the value of their investment.
Why should "they""release the handbrake", it's in CN holders' interests to keep the SP as low as possible!! They are CONVERTIBLE notes at the volition of the holder.
BUT, the only thing going for shareholders, the last thing, is that getting the ML IS material and they HAVE to declare that!! The TO agreement means nothing to management so far as being "material", so they can hold the SP down for as long as it takes to get that and the ML.
And how "feverish" is he being??? Owed $19 million yet doing nothing for over EIGHT years to get that ML!!!. Feverish!! So, you are suggesting that he's the one manipulation the SP to enable him to average down?? Surely not?
The only way I can accept that, is that IF they are really doing the right thing, by issuing CNs @ 15% and already ticking at the tune of potentially $100 grand a year with SB's existing debt, IF they were giving ANY consideration at all to shareholders, as they have no cash, that they MUST(??) be seeing that ML approaching MUCH sooner than later. What other reason did they have for issuing DEBT @ 15% against the company's, the shareholders', assets??
BUT, that's a big IF and while we wait, "they" rack up more equity while shareholders rack up more debt and lose more equity!!!
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