RE:Remember when...Not many on this board understand LC's. Payments against a LC are progress based on mutually agreed upon deliverables achieved through the deal cycle. It's kind of tough for PYR/DRI to deliver anything given their balance sheet is a disaster and they're probably on COD with most of their suppliers.
Based on how this is dragging out PYR / DRI are probably trying to arrange financing against the LC. LC financing, assuming it's even attainable, will be a lengthy process if they're dealing with EDC or US counterpart Ex-Im.
Also, a LC is only as good as the issuing bank and it better be irrevocable. In the meantime PYR has basically got no cash.
As shareholders you should be asking some hard questions on just how this supposed LC is structured.