Well, Graham, there you go helping me yet again to understand what an underinformed investor I am. I suppose it's true that Normandy would be helping TVX with financing, not the other way around. Either way, however, it seems to me that if Normandy got in big trouble with their hedging, then it could not be good for TVX, who might be relying on the financing of a troubled (or dead) company...
I have to admit that I also find it somewhat disturbing that the company is not responding to the questions asked of them by the likes of Ed Lee. If they are reluctant to advertise their hedge position, it probably doesn't bode well...
But then again, if TVX were hedged up to the eye sockets, they could just arrange a "standstill" agreement with all of its banks and hedging counterparties. I read an article, I think in the National Post, which described some such arrangement for Cambior (or was it Ashanti?)
Slightly misinformed as always,
D
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