GREY:WFREF - Post by User
Comment by
uogradon Dec 20, 2015 1:45pm
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Post# 24399362
RE:RE:RE:Back To Square One
RE:RE:RE:Back To Square One
If I read the release right they get to keep $1,250,000 u.s. however MIE wrote the release so whether they get the $10,000,000 back or not who knows.
The reality is MIE would have had to be complete idiots to give Long Run $100 million before the results of their assets sales are known. If the assets are worth less than their outstanding loans, the banks would have scooped the $100 million and then put Long run into recievership.
If the asset sales produce enough dough to keep the banks at bay you could very well see MIE or someone else come back with another proposal but much more in line with the current pricing.
To think a PP was going to get done at .80, with the concerns about the bank lines being called in January and the unkwown success or failure of the assets sales was a total farce but everyone knew that.
Whether MIE has the capacity at some stage to actually raise that kind of dough when more certainly is known on whether Long Run will survive or not is another issue on its own.