OTCQX:BGMZF - Post by User
Comment by
Czechlateon Dec 02, 2014 7:33pm
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Post# 23188128
RE:RE:RE:Eric Sprott getting 2 more of his people on BGM board
RE:RE:RE:Eric Sprott getting 2 more of his people on BGM boardSprott is clever fella. He is taking over the company by gaining control of the board because BGM has to give up the seats in order to not be foreclosed on. Sprott needs just one more seat on board and he will be in control and can sell off BGM for 10 cents on the dollar and collect his $15 mil . Of course there wont be anything left for the lowly shareholder , there never is in these situations. At best this is an opportunity for shareholders to exit while they can still recover some of their cash.
BGM will never be a profitable operation so there really is no reason a shareholder should stick around waiting for the hammer to fall.
I am surprised Sprott didnt call the note but he probably realized this is the strategy he must take to get some of that $15 mil back more like $ 20 mil now with accrued interest since it was due. BGM getting deeper in debt each and every day!