Global Cobalt Corp GLBCF

The bankruptcy trustee altairudametall

[anel21]

If the link doesn't work try  Google " the bankruptcy trustee Altairudametall " and the article should show up  - March 11 2016 article 

any clarification on article gladly appreciated

[Winwarrior]

Can you copy and paste here as the link and suggestion to get to the link did not work

[rocket500]

The bankruptcy Trustee LLC “Altairudametall” (Moscow) Vladimir Fonoberov put up for sale mining shares JSC “Kara-Kul” (Altai Republic) for more than 298.3 million. This is stated in the Unified Federal register of bankruptcy information.   Implemented 100% of the share capital of the company, consisting of 8 million 659.381 thousand ordinary shares with a nominal value of 1 rouble each

[DRYOASIS]

Just my 2 cents here as I try to make sense of this mess. If I understand correctly, IMHL owed money to ARM for a stake in Karakul. So instead of paying ARM what they wanted, maybe IMHL is waiting them out and now that ARM is to go bankrupt, IMHL will buy ARM's share of Karakul for peanuts. So instead of costing GCO 75 million shares for the Karakul title, it may cost GCO a lot less

[rocket500]

Not sure what the 8 million number is all about but if the trustee is trying to sell for 289.3M rubles, and the conversion is ~ 58 rubles/per CDN dollar, AND there are ~ 105M o/s shares, then he's trying to sell for about 5 cents per share. Just a rough calc - so doesn't appear to be for cheap. But this is just a rough guess at best.

[DRYOASIS]

Yep that sounds about right, we know IMHL and ARM were in negotiations over Karakul so the point I was trying to make is why pay full price when you know that you can get it for less if you wait them out ....

[rocket500]

I think you might have part of that wrong - ARM is a subsidiary of IMHL and the interest free loan was borrowed from Invest Project. If ARM goes down, that would probably not be a good thing. Who knows what the heck is going

[steamerlane]

GCO has an agreement  with ARM,and that is,ARM allows GCO to buy into the Karakul mine,because ARM has the license for the mine,Soooo if ARM is liquidated, the rights GCO has,according to the agreement, are null/gone/non-existent.

[Winwarrior]

but we should all keep in mind . . . "ARM is a wholly owned subsidiary of IMHL, Global Cobalt’s largest shareholder." IMHL has about 30 million of GCO's 100 million+ outstandinng shares. I just do not see them allowing Karakul to walk away, perhaps there is now nothing they can do but I have would have to believe the debt to IP is far less than the value of this asset. Just saying as

[Winwarrior]

I would add for clarification that GCO's agreement is with IMHL

[DRYOASIS]

So lets see if I can get it right this time, IP gave a loan to ARM so if ARM goes bankrupt then IP becomes a creditor. The mining licence for Karakul is owned by ARM so if the mining licence gets auctioned off on the April 16, where does that leave GCO ? Will IMHL or EBRD put in an offer to scoop up the mining licence ? They both have a lot of cash invested in the project.

[steamerlane]

It leaves GCO without  rights to/earned interest in the Karakul mineYou would think that IMHL or GCO would buy the shares,it is to their benefit.Problem,what are Russian bankruptcy laws,in a matter like this???

[Winwarrior]

Does this not also suggest that IP might not then get what is fully owed to them if a 3rd party buys these shares and tells IP and whoever is owed money to pound salt? I really cannot see either IMHL or IP allowing this property to end up with a 3rd party.