Lousy Deal This restructuring deal seems confusing. So let me see if I have this straight. If the company isn't sold by Feb 28th which seems the most likely scenario. Then Cline shareholders get the privilege of buying $35 million of stock at a price of $.0205 per share. The proceeds are not being used for cap-ex but instead are being used to pay off part of the bondholders. Sounds like you are throwing good money after bad money.Meanwhile Marret converts their $25 million of bonds at a lower price of $.0102
The one thing you all seem to be forgetting is that even if Cline wanted to restart the mine(which is a big if) they don't have any money for the required cap-ex.The required cap-ex, according to RBCDS is somewhere in the range of $40 million.
What a lousy deal