RE: RE: ABCP CanadaIt depends how you do your book keeping. GBS was actually in debt by 100's of millions even though they had cash in their other hand. I recall very well when this deal went through and their cost of getting their producer going was through the moon and to make matters even worse their mining and processing costs per ounce were higher than gold price.
What they said would be similar to me saying I had $10,000 in cash, when I had no net cash flow, and my line of credit and credit cards tapped out to the tune of $10 million. These guys were praying that MDN was going to hit it on one of our exploration projects and their cheap warrents and shares were going to turn into $5 shares.
Lets face it, it was a dumb deal by MDN and all GBS did was gamble money that wasn't theirs anyway. Their shareholders took it on the chin.