BIGGERIRON'S FIRST DAY AT SCHOOL
Long time lurker, first time poster here. Normally I would not respond to such posts or post at all, but now that the amount of uneducated posts made by biggeriron are in the...I want to say millions? I think its for everyones benefit that he reads this post and maybe learns a thing or two.
First of all, biggeriron, we all understand the potential risks when investing in the venuture exchange or in any market for that matter so there is no need for you to continually post how risky you think this particular invest is. Is it because you do not have the balls to put your money where your mouth is and now with the potential of all thats set to happen you wish you did so you try to convert us to your perspective of thinking? hmm
Secondly, every person here is entitled to and able to make their own opinion based on their own information gathering and due dilligence...even you, though your assumptions and speculations are poor at best. I wonder if you are educated at all reading your posts as they literally make no sense most of the time. You continualy state that "management has been dupped" and "the koreans are playing u all and walking away with our money !! >:[" when any rational investor...scratch that... anyone with common sense would know that isnt the case. IF.. and that is a big IF this deal for whatever reason does not go through, KMDC and the Korean Gov will suffer a huge loss not only on their credability with countries like ours but as well as with their own people. This is an enourmous play for them which is what you do not see for whatever reason and that is fine. However, do you think that the 6-8 of DD with KMDC's 70 personel inspecting every inch of POP was done for free? Come on biggeriron, even you are smarter than that. KMDC has already dropped substancial funding (in the millions) to have this completed. If you have ever taken any economic courses you would know about something called opportunity cost and for a company like KMDC to devote this much time and effort into a deal that does not ultimately materialize would not only end up as financial deficit but would also prove to be a deficit in something much more valuable, TIME. On top of this, let us not forget if KMDC does not end up going through with this deal, they walk away with NOTHING. No shares at 25c, no warrents, no assets and of course no oil, which I could be mistaken but think they are looking for. They would be rediculed by their peers, likely never do business in Canada again, have lost millions in expenses and be tangled in a legal dispute. So no biggeriron, we are not getting dupped. lolololol.
I took some time the other day to call Jeff Stuart as many people were stating that managemenet of POP was in Korea over the weekend. This was not the case, however investor relations (the people liasoning the deal between the koreans and POP) was there to talk about the deal and also talk about the GSR deal as well. Jeff was a nice guy and explained to me in detailed the reason of the delay in funding (Sept 2); KMDC uses a soverign wealth fund owned by the Korean governement to invest in foriegn affairs (I.e. Canadian Oil companies) and such a special purpose vechile had not yet been created. KMDC originally thought that they could use the funds from a seperate vechile (or account) but this was denied by the governement. If this is hard for you to understand, think back to the first time you got a mortgage, it was likely not approved on the spot and even after its initial approval may have had additional conditions that had to be met until it recieved final approval and release. These conditions in some cases take additonal time and require an...wait for it....extension!! This is called compliance biggeriron and it is something that companies and governements do to make sure that everyone follows the rules. If compliances never existed, then what would stop someone from makeing a biggerERiron :(((! We definetly wouldnt want that now would we...The ask for an extension was an honest one based on the timeframe it would take to get around and meet these compliances and regulations and is an outside date for completetion as it will likely be completed sooner, if it has not been already.
Again in all investing, there is risk but that is where reward comes from. This particular play is broken down into two phases, funding and results. Currently we are in the funding phase in which we can all make a pretty penny for minimal risk without literally one drop of oil. Logically speaking, the odds are more than favourable.
Class dismissed biggeriron, no homework!
SA604