RE:RE:US$696 million plus interest at a rate of 6.6 percent p.a.Can not answer it. Too many things to do for me with other shares, so I had not enough time until now to check out the CVR details. They stated a lot of text about the different CVR's rights in the recent MD&A available on Sedar.
What is certainly a wrong assumption is that it would be in favour for our request "only" ~ USD 700 million.
Remember when the first Colombian court decision was made, which took us away our rights and was later confirmed by many other Colombian state institutions. It was the time when our shareprice collapsed. Count the years until now and make the acumulated calculation for 696 times 6.6 % over the whole time period until now...
I think it was something like more than 10 years ago, which would mean at 6.6 % in the end a payment sum is roughly double that 696 mil USD !
2012 News release text snip:
...However, although the court dismissed all demands, its ruling contains the order, which goes beyond the requests and purports to affect the company's rights under concession contract 3452.
Eco Oro's legal advisors have confirmed that the order exceeds the court's authority. The company will appeal the ruling before July 25, 2012 before the Administrative Tribunal of the Department of Santander...
Some people may even remember times, when our shareprice was over 11 CAD per share in April 2006. Due to the Colombian "Salami Tactic" in this case the shareprice collapsed already earlier from around 11 CAD per share to around 1 CAD per share (in anticipation of the foul playing of the Colombians). 11 CAD per share demostrated the big market value with which the financial markets once valued Eco Oro - before all this Colombian produced desaster started. In this sense the 696 mill USD request is a "cheap charly" what the EOM lawyers asked for.
