Bomax - Tucan/Surinam deal is dead - permanently. David Krenbrink, who was the one causing all the delays/problems in the first place has pulled the plug using a "drop dead date" clause in the original contractual agreement.
The contract however stipulates that Mr. Krenbrink/Tucan/SSI are responsible for paying back all costs incurred by Bomax, plus interest. A date of May 15th is set, by which time the payment must be made or legal action will be taken. This, hopefully, will put some cash back in company coffers. Krenbrink was obviously looking for a way out so that he could pursue the granite play, without a partner, or at least for whatever reason, this partner. I obviously was a believer in the merits of this particular deal but there is no doubt, in my mind, that anyone doing business with Mr. Krenbrink, need beware!!
Jim has no intention of sitting around and sulking over this deal and all the grief it has caused. He is actively pursuing other options already and hopes to have alternative ventures, for the company, on the table shortly. I spoke with him today and was told that there is nothing he can commit to, but he does have a warm iron, so to speak, already.
That's the way the cookie crumbles. I suspect that Bomax will rise above this mess, but exactly how long it will take, I do not know. If the current package turns out, it could be a very quick turnaround, if not it may take quite a while.
Salut,
Leigh McBain |
