RE: RE: RE: RE: I found this note on the AG boardLegend
Let’s see if the orders of these loans are straight. First, 556,630 is (was) due on Jan 17, 2010. Oops missed that one so it gets reviewed for another term at 8% and is due in again on April 17, 2010. It will be worth 560,412 by then. Second, we have two loans of $1,000,000 & $600,000 due on March, 17 2010. Oops, missed those as well. Tack on 8% to those as well and make them due later.
Remember the extra $1,000,000 borrowed on January 15, 2010 now due on March 7, 2010. Something tells me that was also missed (i don’t know for sure). But that’s OK because the $500,000 that was borrowed on February 3, 2010 is due Wednesday April 7, 2010. Any chance that will be paid off? Maybe just defer it at 8% perhaps.
Now if the company gets thru those, not to fear, there are no loans due until July 30, 2010 for $1,000,000! Then, less than a month later, another $1,500,000 is due on August 25, 2010.
Its a good thing full production is going by then because another $2,000,000 is due on Sept 23, 2020! Then about 3 weeks after that a $3,000,000 becomes due Oct 17,2010. Maybe someone should check to see if there is any ore left at McWaters by then. But don’t forget, there is another $1,700,000 in capital leases due buts that’s peanuts. And speaking of peanuts, don’t forget everyone who forgot the preferred shares and the accrued interest will be paid off by....summer right? Remember, full production to the rescue, but don’t forget employee salaries etc and contractors need to be paid on a regular basis along the way. Then there is fuel and electricity. You know all those costs that keep the company going at “full production”. Now I am sure it will be all smooth sailing by then right?
And then there is Hart which will require 10’s of millions to sink that shaft. Maybe wait until spring 2010 for that one. Yeah sure, good luck with that “company maker”
Some say LBE will be halted and JJ takes it private by July 1, 2010 if not sooner. I am slightly less pessimistic than but I will say by the end of 3Q2010.
Rocksolid