Otso Gold Corp. V.OTSO

Justice appears to be happening!

[KultaKaivos]

Information has come to light that Brian Wesson has been arrested here in Finland and in Finnish "vangitsemisoikeudenkynti" which means "Imprisonment Proceedings". It is beleived that it will be a "Fraud" trial and held behind closed doors, no outsiders or media will be allowed in. In Finland this means that it is very serious when handled behind closed doors! This has not been reported officially by any media yet and it is understood that there will be an article published next week after Monday because Monday the 6th (December) is Independence day celebrations here.

[BigPoppa96]

Yes, he was arrested at the airport. I assume authorities will catch his pear shaped son. The Wessons' (and Pandion) are shady AF.

[BigPoppa96]

*Wessons. AFAIK the plant is operational, but is low on parts. If a pinion does need to be replaced, I don't believe it would take Metso 6 months to fabricate such a standard, critical part. Besides, they could rent another mill in the interim. The mine sold $3 million during first month of production, unfortunately some of that is missing. Expected to be cash flow positive in december

[BigPoppa96]

I don't remember their flowsheet, but they could probably regrind through the AG anyway. Again, they may or may not have production issues - I'm not aware of any. AFAIK everything is good from a production standpoint regarding mining and processing. I am aware of the Wessons committing fraud, and Brian Wesson is in custody. 

[bull4747]

Thx for the info - i bought a bunch @ .035 on thursday - the news a few days ago didn't mention creditor protection just a change of directors to get the company running better. It sounds like the main asset of Otso is intact - i'd hate to have this asset sold on the auction block. Maybe Otso will be trading by mid 2022. Bruce

[BigPoppa96]

My average is $.06 haha. I was thinking of averaging down, but I already have too many shares, so I couldn't let myself do it. Creditor protection was a necessary move, Pandion are as dirty as they come. Don't forget, they're in bed with the Wessons.

[bull4747]

Sound like creditor protection gives Brunswick the time to renegotiate payments - good thing they have more to lose than we do !   When do you think the shares will relist ?

[BigPoppa96]

Yes, they've invested well over $30 million. They're still listed. I really don't know, it all depends on Pandion. If Pandion knew what was good for them, they would be fair and reasonable.

[bull4747]

You should offer some of your stock for free to Pandion as an incentive to settle quickly. I would, but i only have 450,000 shares !!

[Castling1]

The plant is not operating. Metso doesn't cast/machine pinions, that's  the work of other suppliers they contract the work to, these are not 'off the shelf' items. With currect supply chain issues it will be 6 mos. min. to deliver a spare. Otso cannot simply 'rent another mill' - it doesn't work that way, even if it were possible you're again looking at many

[BigPoppa96]

Are the pinions made in China? Not a complicated part at all, and money talks. By renting, I meant find another metso mill and swap pinions. I've already found the same mill for sale, ready to ship. No reason for such a lightly used mill to fail, unless operator error.

[BigPoppa96]

I've been advised by a friend who works for a very large Danish engineering firm that manufacturers parts for the mining industry, that if they don't have that part in stock it could be manufactured (in USA) in short order.

[5ilverlining808]

Remember Allis Chalmers ? Then changed to Bolliden Allis, then Svedala Boliden Allis, then Metso ? I have worked with and dealt with this company for many years. I once had the unfortunate time working for a small time mining equipment refurbishment mob that asked me to source the main bearings used in the above mentioned companies vibrating screens and jaw crushers. He had a jaw crusher

[soywry]

It very well might be repairable, assuming of course it is damaged which I tend to believe given associated comments about lack of parts has been verified. If it can't be repaired, there are a number of companies who can re-manufacturer a new pinion within a reasonable amount of time. I'm more concerned about head grades (ore has been tested and is amenable to x-ray sorting...so get an

[KultaKaivos]

Thanks @soywry, very interesting extra information concerning the bank nrgotiations, would that be Nordea and Danske? or please mention the names. The Wessons certainly thought (or think) that theye are a law to themselves and that has clearly been proven incorrect! Where do you get the impression that "Finland has a weak justice system"? If that is the case then Brian Wesson would

[QuantumPhysics]

Would creating a shareholder community with one voice representing shareholder interests in front of the CRO and the Board be a good idea? If yes, lets do that. Look I am looking at the forum discussions. All very relevant points. But beware that there is a 99% probability that OTSO will get delisted. The reason for delisting will NOT be on the Composition Plan (Creditor protection), it will be

[bull4747]

Did the Wesson's clean out out the till - making it impossible to pay monies owed in the next week - thereby triggering possible insolvency - creditor protection activated  ??

[BigPoppa96]

They didn't have enough in the treasury to pay Pandion anyway. The good news is that Brunswick can pay off Pandion, if Pandion is willing to co-operate. No question the geology and processing are complex - this isn't a heap leach oxide deposit, but the mine is definitely profitable.