RE:My worry Yep, the debt. Whether better dead than alive. Since guessing Vlad and Mercuria debt are higher than book. So value gets back to mine itself, etc. Naturally assume equity is better for both, but never know.
Presumption is bancruptcy court will strip Vlad of his interest income and leave the value in the pot of gold at the end of the rainbow. Which figure at 20 cents. 50-50. With chances of under 10 cents at say around 25%. Or maybe that is chance of wipeout under 5 cents. Like waiting for a verdict.
Also recall some company commentary about replacing pumps. What did they do with the old pumps? Probably leased. And got repossessed. Likewise, looks like the late accounts receivable use up the first $20m of Elliott money easily. So looks like many of the workers weren't getting paid. So now just have to trust the court, or deal in works.
Looks like Rio Tinto, with their nearby old copper mine and smelter in SLC Utah. Figure Elliott is trying to work out some Grand Venture with them, and hopefully wants to make an announcement at the Annual Stockholders meeting. And don't want to have to announce an equity wipe out.
Likewise, think there is a strong possibility of Vlad keeping a large proportion of his shares, to pay for a higher price on what he sells. Perhaps some futuristic put is in the works. But how to do that and not have him meddle? Especially if the balance of the equity is split between the two main parties of joint-venture.