TSXV:CAV.H - Post by User
Comment by
geezer321on Feb 04, 2013 11:07am
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Post# 20934002
RE: Geezer
RE: Geezer Lostalot, I would like to leave it to you to figuire out where you are missing $110 mil. You are in the ball park anyways. For Baja's current debt just check their last balance sheet.
The real white knight in dealing with this cost overrun situation is Baja and not the Korean Consortium. Baja is out of pocket 90 million with nothing to show for it and the Koreans are out nothing and in fact have gained with appreciation in value of the 21% they purchased and the loans they made will be repaid with interest.
In addition to the 90 million Baja also got left with the 10 year office lease and other expenditures for the computer systems and other associated administrative costs to support the Boleo project.
Baja should be doing everything possible to scale back and where possible back charge MMB for some of this stuff. They should sublet the office space and move to smaller quarters. There is a whole host of things they should be doing to curtail expenditures now.