No Skyfall Nevada Copper is Canadian. SEC CIK #0001431847
They (probably) have assets that are worth more than debts.
My new "worst case best case" sale price, in the absence of global depression or USA hot war, is .60 to 2.3 cad. Based on NCU corporate numbers and general NAV principles for mining properties. dyodd.
After the panic (if there is one), stock will trade in the .2-.3 cad until we get some more clarity vis a vie a sale or more dilution. I'll prolly add a few more if we get into the teens in the AM on monday.
Potential shenanigans will revolve around convertable debentures, but I do not believe Pala is interested in this property anymore. They do not have the $ for the open pit, and they keep losing money and ownership %tage with each cpital raise trying to get the (probably) doomed UG up and running.
the spec on how they will 'wipe' shareholders is not founded imho. We have Canadian Banks and offices as part owners, and it is a Canadian company. Now if it was in the Bahamas or Deleware, I'd be worried.
here is the (probable) story from some guy with 40 years experience:
"
UG mining allows for the "high- grading" ("cherry-picking") of high value ore bodies without moving massive amounts of waste rock which is standard in an OP mine. That "high-grading" makes for a great opportunity to get a fairly quick reward in UG mining. The risk of geotechnical failure in UG mining is typically greater than OP so in hindsight we can now see that the personnel talent employed at the time of mine planning may have messed up, or those since employed in the actual mining may have been under prepared for the "unknowns" of advancing through virgin rock structures that the current team now employed must resolve while trying to operate a producing mine that needs to make money.
Digging holes in the earth, even with drill hole data to guide you, one must acknowledge that unknowns exist. With each 20 feet of advance into virgin rock there is always a chance you will experience difficult-to-control rock structures including water-bearing features. For those readers who haven't mined in the Great Basin of Nevada, the rock structures are very fractured, and as one moves in any direction you generally find differing geotechnical situations that require different methods to control the effects of gravity on that rock in order to maintain a viable passageway."
So a small company took a risky shot at parlaying UG into a giant OP, which is exactly what I knew they were trying to do when I invested.
At anyrate, that is where I am at right now. But I am an inexperienced amateur with incomplete information, so plz do not listen to me.