I would assume the note would be collateralized with the NUOA properties and it's revenue streams. Gammarth hotel, casino, villas, commercial center, and Hammamet casino along with the FXWA holdings. By the way, the whole Gammarth center is huge, impressive, and beautiful.
If Fred concentrated on just the Tunisian core properties, we will be sitting at this undervalued price for a long while. It is going to take another year or two before we see significant earnings coming from Tunisia.
My guess is that Fred wants to add as many revenue streams as possible especially with Tunisia being seasonal.
When things come together, we may have the Tunisian properties, the Spanish property, some Caribbean properties, and possibly some domestic casinos. If this can happen in the near future instead of years from now, then I think Fred is on the right track.
Lastly, you are correct in that who knows exactly what a lender may give (what discount percentage) for the $180M in warrants and notes but it is worth the time and effort to see. Any amount can only be a plus.
For those that are still negative, contact the company and voice your frustrations to them. It is your right as a shareholder. 949-833-5381 ext. 733 (Johnathan's number). For those who are positive or are trying to learn more about NUOA, call also.
Ken |
