RE: Glad you can laugh Lurk/M.B.I would't expect Mark or Stan not to take any blame. Ultimately it was up to them to get it done and they didn't, its on their watch. As huge shareholders you think it effects their holdings any less than yours?? All I'm saying is that the ability for them to get the payment done was effected enormously by the credit crisis. In hindsight its pretty easy to say they should have financed the payment earlier. In reality at the time, they were doing exactly what shareholders expected them to do in May/June and by July it was too late for another PP because the TSX-V and LGO were in major downtrends and nobody was willing to loan them money either.
The intent was there to get financing and make the payment. There ability to do so was greatly diminished because of outside forces. Throw them out on their can for that?
I still believe there are the best suited team to get value out of the 45.6% interest they still own.
At this point I think you would rather see them go just to 'get back at them' for causing you such large financial losses.....
I would be interested in your reaction if you had owned TECK or POT or Xstrata or another major producing company like that and you had taken massive losses on your holdings. Would you be blaming their management for that too. I'm not really sure if you are more upset about them missing the payment or just becasue you are down so much on your investment. If they had made the payment and we were sitting at 10 or 12 cents anyways I expect you would have some other reason to hold them accountable for the collapse in the stock price.
Largo's ability to obtain project funding in this environment is ZERO. They were supposed to be breaking ground on construction this month. Even if they had the 80%, that would not be happening. How would you expect them to raise $30-$40 million of the equity portion of capex funding at these prices or even 15 or 20 cents? You want to talk about dilution that would be it.......
Regardless of them being at 45.6% or 80%, the situation has changed dramatically for them putting the deposit into production because of access to project funding.
There best bet at this point is some sort of JV with Vale or getting bought.
lurk