RE:RE:RE:Total =Total liabilitiesThe debt is real of course but total liabilities includes short term payable, reclamation reserves, etc. and therefore if you want to talk total liabilities you have to consider assets including cash, receivables (no problem in the nickel business), etc. The idea that the Company is about to be nationalized is just dumb. The Cubans need Sherritt more now than they have in years. The joint venture includes assets held in Canada (refinery and technologies group) as well as assets held in Cuba. The first Sherritt debt comes up in 33 months time. Alot can happen in 33 months. Personally I'm waiting to hear the final details of a plan to repay the overdue receivables ($201m) probably from an enhanced Sherritt "take" from Moa cash flows and/or the payment of local expenses in trapped pesos thereby freeing $$$ from Moa. Furthermore, in the event that there is no improvement in the nickel/cobalt price in the next few years and that the plan to collect the overdue receivables somehow fails - do you really think a bunch of bond holders want to run this Company? If all of the above fails, and the refinance window doesn't open over these 33 months I would bet on an extension of all maturities with an overall reduction in debt by the payment of some cash - and an incentive payment to bondholders.