RE:So JM is borrowing $500k and buying 500k sharesfringelife wrote: with the line of credit, which would only be $150k at current SP. Am I reading all this right? If so, it's pretty damn good news for a company trading at these levels
how is this good news? JM is personally lending the company money for "operations and expansion" ie, payroll.. they must not have any revenue, and can't get money from 'real' sources.. they were doing 500k drawdowns from alumina on a weekly basis earlier this year and with all that cash, they still have no money.. how long is a 500k line of credit going to actually last them? a week, two weeks?
Also JM (if I recall) already owns more than 20million shares and has a sh*t tonne of (underwater) warrants.. buying 500k shares seems like a marketing strategy cooked up by the new IR consultants.. it feels pretty shallow.