RE:RE:RE:RE:Macroeconomics 101Wern, let's just take business 101 for the moment. Those secured convertible notes represent a loan to ELBM and a lien against any of its assets should terms of the agreement not be honored. A 37.5 million US loan is not an corporate equity investment like Berkshire buying millions of shares of TSM. We shareholders own this public company and we are beholden to those entities issuing debt to us. It is they who have 1st diggs to any company assets in foreclosure, should it come to that. Debt and equity are much different. Hope ELBM's corporate assets can fetch an amount greater than 38 million (now that amount rings a bell) if things go sideways, otherwise there won't be much left for the owners. I am starting to ask myself if this cobalt refinery venture is so viable?, why weren't Vale's operations in Voisey Bay expanded or the nickel refining operations in Thunder Bay. It would seem to make more sense and you can be sure those operators would know refining more than ......