RE:thanksOK, ferrel, in that case my apologies. FWIW, the general consensus here seems to be that Colossus will need to reorganize because of the water issue blowout and any remaining CSI shareholders will probably take a bath (pun intended). But who knows how it will play out?
SAND is at the front of the queue for debt repayment but considering that its first rights agreements so far haven't been worth much, I'm sure everyone would prefer Colossus gets its colossal act together. We are told that Sandstorm keeps close tabs on its partners and although it offers advice, it gives them free rein in management decisions, so short of a complete takeover, whatever CSI management decides will probably be the game plan regardless of what Sandstorm might prefer.
BTW, SG did have one other semi-screw-up in regards to its gold stream with Donner, which was converted to a small (0.6%) royalty when Xstrata took over. But that was only one of 15 deals to date, of which 13 have been successful (so far, at least). Not a bad record when you consider that juniors are droppng like flies.
And yes, mark, I think its safe to say that a total loss is a worst case scenario. That's certainly my view, but I think the market will write it off regardless - if it hasn't already - at least in the short term.