Feel stupid? HARDLY!!! Do you really think BAY was the only E&D play out there? I put my money into other plays that are still under accumulation, while you all had your capital tied up in BAY.
I'm STILL in my delightfully rich multiples on original investment game plan in them, while you all have been sold down river...
What cracks me up is the frozen deer in the headlight routine y'all are doing now...
You ALL now own a producer--PAAS-- and not a very profitable one at that. The BAY E&D P&D game is O-V-E-R... THE ULTIMATE DUMP HAS HAPPENED. Y'ALL ARE OUTTA the game.
NOW, BAY's just a boring cost of production/earnings, and all about PoSilver price risk/hedging/Silver Leasing headaches like the rest of the world of mine producers.
Doubt many of you have the boring/not even very good Silver Producer game plan in mind, but are really itching to move on to another P&D play.
Think about it: your precious BAY is still on the engineer modeler/drill program/gotta build a mine agendae, and it has to be financed out of current production by a 3rd rate mining company PAAS, whom CCC hasn't been very flattering...UNTIL YSTDY that is...and ole Russ Winter called an overvalued stock value used as a stock swap.
BAY's supposed gonzo silver is STILL in the ground, and it takes grunt and capital to develop it. Now, just where is that capital supposed to come from besides cash flow on PAAS?
One final thought with your morning wheaties, AH...
In Accounting 101, the first rule one learns is this: Growth consumes cash.
PAAS exchanged paper for BAY's 74 holes in the ground, latrine laterals defining sulfide deposit, in Mexico. It will take either more paper (dilution) or operating cash flow to turn Alama Dorado into a mine.
THIS does NOT bode well for PAAS, let alone produce the kind of ROI the P&D game provided up to now.
So, unless you've banked your profits, all of you are at risk of watching that "premium erode" and your money become dead money...simply because you are in ONE FELL SWOOP, in a producer play and no longer in the E&D game. Didn't you listen to what any of your fellow "thrilled" BAY shareholders said ystdy?
They were asking CCC where can I put my BAY money next? That implies selling. Why are YOU still holding? You didn't write that you had banked any profits, so all your money is now riding on the ability of PAAS mgmt to make you a bundle...something they haven't done very well up to now, a fact borne out by just studying their financials...
Good Luck to all of your frozen in the headlights deer...you need it.
g_t |
