Sherritt International Corp T.S

Let them eat cake?

[rkhosla]

'Cuba is desperately short of milk and running out of cash to buy other imported food.'

See link.  Eric Reguly has written extensively on the negative envoronmental impacts of the green economy including several articles on EV metals....  

https://www.theglobeandmail.com/business/commentary/article-crops-for-ethanol-not-food-driving-hunger-crisis/

[Maxmoe]

Wow, are you related to friendo or "just friends" ? Or same guy? Over 10 years of posting about S. Hundreds, or thousands, of posts. At least you gave up on pumping bbd over 10 years ago but why did you jump from the pot to the pan or the fire into this one? Maybe you should move on to a new subject.  I see 3 or 4 posts in the last year about oil/gas producers.  If you're

[rkhosla]

Just providing facts, man.  Cuba is at a point where it cannot provide the staples: bread, milk, etc.  This is relevant because as I've been saying for quite some time, our "JV partner" is hoarding our cash.  It is also relevant because it may lead to social upheaval and re-allocation of capital/assets such as tends to happen in a revolution.   https://www

[Ernieandbert]

Rhkosla, if you think for a minute "Cuba is hoarding our cash", you should read the terms of the senior secured bond indenture with regards to minimum liquidity as it relates to a test for the excess cash flow sweep on a semi annual basis.   It is a simple as S holding cash on the jv books.  You might want to sell this one and move on to something more straight forward.  

[rkhosla]

$153.5 mil usd = hoarding our cash.  And please don't tell me this is a different corp entity / arrangement.  When in business in Cuba there is only one possible partner - and that is the government.  And we have a receivable agreement whereby their share of 'excess' cash from MOA is meant to be coming our way to settle this debt.  One of the reasons that cash is

[Contrarian333]

Your logic is flawed Rhkosla.  Cash is collected in the jointly owned Bahamian Company International Cobalt.  The Board of ICC is composed of 3 representatives from Sherritt and 3 representatives from GNC.  It requires a unanimous Board decision to make any distributions.  If the GNC Board members (the Cubans) are acting in their own self interest with respect to getting cash

[YourFriendo]

This is true. Cubans have a very high incentive to get cash out of the JV, not horde it.

[rkhosla]

I would actually disagree that the Cubans are incentivized to get the cash out of the JV. Because we have the receivable agreement. And any dividend declared by the partners over a certain threshold is diverted to Sherritt.  Both shares. Their share and our share. So presently they have a disinsentive frankly to agree to a divy.  Whereas it is highly in their interest for the JV to

[Stratocheif]

Since you've done such good work researching the accounting structure ot this company maybe you can shed some light on how it is that sherritt is constantly trying to collect "overdue" receivables from thier "cuban partners" which currently stands somewhere around $190 million. It may be that revenues are collected by the Bahamian holding company but I think the way its set

[Contrarian333]

Overdue receivables have to do with the former oil and gas business and the small power business where Sherritt is paid by the Cubans.  Not the nickel business where the cash flows as I have described. Nickel business expenses are paid by the JV.  Your conclusions are inaccurate.

[rkhosla]

You're not seeing the forest for the trees here.  We have only ever had one partner in Cuba. Even when we were into telecom and hotels and whatever else Sherritt was into in the past in Cuba.  That partner is the Cuban government.  Full stop.  They own and operate everything. It is a nationalistic/communist state.  so it's totally disingenuous to pull out your org

[Contrarian333]

The evidence does not support your conclusion around the Cubans motivation.  The JV has slowed down the expansion plan due to uncertainty around costs. No one is debating that Sherritt's JV partner is the Cuban government.  However, there is also a lack of understanding on this Board as to how the cash flows (and where it flows to) in the nickel business as opposed to the oil and

[Maxmoe]

Classic statement from the dead wrong "you're not seeing forest" aka you don't understand, when in fact it's you that doesn't get it. So yeah, no need to go away angry, but if you don't own it , don't waste your time. If you do own it, seems very counterproductive to complain/bash/whatever. My other nickel stock is talon. Tlo. Nickel in USA. Down just as much as