NORTHERN SUN MINING CORP LBEFF

RE: RE: It cannot be argued.

[JohnEStromJr]

"The preferreds have no timeline to be paid off "  

If you would, a link please.  I believe there must be or the loan would be illegal.   A loan is a contract and, at least in the USA , a contract must have the following.   I'm sure Canadian law will also have certain requirements that define a contract.  Below are American requirements.

1 - Consideration   [money or something else of value]

2 - Competent parties.  For example someone under threat can not make a binding enforceable contract nor someone who has not reached legal age.   [I'm questioning whether or not Liberty Mines would be considered a "competent" party]

3 - The contract must be legal.  For example a contract to commit a crime would not be legal.   [I bring this up as controlling interest in this entity was conveyed without the express written consent of shareholders]

4 -  A date certain in which to satisfy the contract.  ALL contracts much have a specific beginning date and specific end date.  A "contract" with no end date is not valid - at least in the USA and I think Canadian law is the same.


"Can we agree on one thing IF Liberty can pay off these debts in a timely fashion wouldn't this be a screaming buy??"

My answer?  NO.  We lost 51% AND control of Liberty Mines for a loan without a vote.  I don't think it's legal but until someone sues Liberty Mines and wins in a court of law,  they just may get away with this.    The entire behind closed doors I find odious.  Management misused the Quiet Period to extricate themselves from their own poor management decisions and did not keep and eye on the burn rate of cash until way too late.  Then, hiding behind the Quiet Period, the gave away the company.   Jilin Jien got the mines, the lands and the mill and we got the shaft.