Long Run Explor Ltd Ord WFREF

RE:is it possible that the banks who lended lre the money are

[tsoprano1]

No one knows for sure what the banks would do when these dates arrive. Banks don't want the hassle of forcing  a company into liquidation. They set some guidelines hoping the companies would start getting their balance sheets in order. If the companies don't do anything proactive and oil prices remain down, yeah, the bank will do something. But, if the companies make a good faith effort to pay down the debt a portion the bank will continue to be reasonable. The MIE deal was destined to fail because oil was still going down the had an easy escape clause. Same with the second. The same mess is going on with Mart Resources and Nigerian/Saudi money's. Low oil plays into the buyers hand. as long as the oil companies let them out without penalty, they will continue to reneg. The BODs of some of these oil companies are the saddest businessmen I have encountered. I, like reflect, used to think they were incompetent. Now I wonder if they aren't criminal. Most are no doubt collecting money under the table or in side deals. Before accepting a deal at least find out if they have the money. Secondly, if they back out, it should cost them. I watchedMart go from an .80 U.S. deal to .26 and now no deal because of incompetence and/or criminal stupidity. Not sticking around here. Took a severe loss at .30 US and will watch the action from the sideline. If oil moves up longs have a chance at a better offer. Otherwise se, who knows.