can anyone enlighten me?, page-23

Phill, it was an IF. A BIIIIG IIIFFF about the POS being higher in May. I don't think it will be either, so AYN will be in trouble.

I said about eight months ago that the capital structure was too complex and fluid - and then, as you say, they completely confused the issue with the $25m, the $5m, the Red Arrow and that other Black Mountain thing with Peter Landau ....

Most of which is unwinding, but what about the Black Mountain? Are they still committed to that?

I also said that C&M would be the best thing to do until the POS improves. Just keep leaching and refining, and sell as little as possible. Personally I think the CR will fail - interesting use of the term "underwriting" to describe the debt for equity deal, but that doesn't put any money in the kitty.

I hope CCU pull through but they have the same POS problem, price is less than cost - although they are achieving production targets, so deserve to succeed more than AYN IMO.