Chapter 11I first of all hope no one on this board has lost too much $ on this venture. This was after all a pure gamble from the start.I also hope things ultimately work out for the workers @ this site and their families.
Getting a little more info every day on whats going on here but lots of questions left to answer.
I had always thought ,the way things were going ,PALA would try and take this thing private but now i wonder if they may have come up against a bigger player.
From the info,there were 2 bidders but no deal could be reached.
Elliott mining or their afffiliate then offers $60 mil while chapter 11 takes place.
Out of the 1.4 billion shares outstanding Pala and Mercuria hold ~79 % so there are around 300 million shares left.
My feeling is there was an offer from Elliott ,PALA and associates ,who efffectively control the board rejected that offer and here we are.
Only problem for Pala is that it appears Elliott is not going away.Interesting days ahead.
Hope the crooks @ PALA receive the same fate as retail.