EGS went into a trading halt on 27th July, one week before their quarterly cashflow statement showed they had $10k in cash remaining, and curiously is the date they ceased to be a substantial holder in IRC. Now that they are not a substantial holder, we won't see the change in substantial holder notices that are mandatory with every 1% change in holding.
They let go of 36 people earlier this week, aren't mining or processing, and are stripping the GIC. Since the halt they haven't got their recapitalisation underway yet (if they can - some interesting posts on the EGS threads - Conspiracy theories on the recapitalisation issue price - huge discount).
They don't have many options to keep the lights on except to sell assets, and unfortunately their IRC holding is probably one of the most liquid. More pain to come I suspect - always darkest before the dawn... IMHO.
IRC Price at posting:
13.5¢ Sentiment: None Disclosure: Held
