GREY:COLUF - Post by User
Post by
WeKnowEnergyon Jan 03, 2014 11:56am
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Post# 22056141
Some facts for you
Some facts for youI don't think people are understanding the structure of CSI.
With the Sandstorm and noteholder deal the company survives and equity gets 1.7%.
Without the deal there is $199mn in liabilities ahead of the equity. The equity gets 0%.
With the deal the noteholders and Sandstorm are taking a huge haircut as well despite having bought the "safer" bonds that would have had no participation in the potential upside.
Frankly, the equity holders should be satisfied with the deal. Direct your anger towards Claudio Mancuso and those that got us in to this awful situation. Everyone including the noteholders are taking a huge hit. The noteholders and Sand are hardly vultures in this regard. If the last chance deal does not go through, then we will be vulturized in bankruptcy and equity, noteholders, and Sandstorm will all be totally screwed. Please do not kid yourselfs here!