> If I am not mistaking, the takers on their redemption offer were not the majority last year.
True, they had 35.6 of the 2002 bonds out, and offered to buy 27.8 in a Dutch auction (range of 640-720) and ended up buying $7m. They bought another 2.1M on the market and got the debt down to 26.5m (a 25% reduction)
I'm not defending CDE don't own it, don't plan to, but it is nice to see them making a sincere effort to stay afloat.
Found this in the Sunshine 10K ( sunshinemining.com )
"Approximately 90% of the new common stock is held by affiliates of Elliott Associates, L.P. and Stonehill Capital Management LLC (the “Principal Shareholders”). They have appointed four members to the Company’s five-member Board of Directors. In addition, the Principal Shareholders have a Call Option which allows them, upon the occurrence of certain adverse events, to acquire Sunshine Argentina, the owner of the Pirquitas Mine in Argentina, the Company’s principal asset. "
The Sunshine mine is closed, funds will run out by the end of this yesr, and I predict SSMR will go bankrupt (again) and the two firms above will walk away with the primary assets (Pirquitas) and no liabilities. |
