Seems that we're going to get a little bit more if we believe management. What's interesting is not where they're finding more cash but where they are not.
First the new sources of cash. Foreign exchange gains. That's not guaranteed and it could easily swing the other way and cost us money. Haircuts for the debenture holders and the 2013 secured debt holders, While I have very little sympathy for these two groups I honestly think whatever we get them to give up would be found money. I doubt that either of these groups will agree to give up anything to help out the shareholders.
Now the sources that the company didn't get increased funding from, AngloGold and Gold One and their escrow accounts. AngloGold is one of the richest gold miners in the world. Gold One has access to deep Chinese pockets.FIU management should go back to their paymasters, AngloGold and tell them the deals will not be approved without them paying more. They should also agree to waive the escrow account as a condition. If Anglo agreed, Gold One would have no choice but to agree to similar terms.
I'm totally unimpressed with this new offer. The money, as usual, is not measurable and is probably undeliverable. Management can learn from Billy Sutton the bank robber. When asked why he robbed banks, he replied 'because that's where the money is'. Go back to AngloGold. That's where the money is!