Mike, I spoke with the IR person a few times as the deal was developing. Bx was to get 50% of POD from MIQ for 500K. They had paid only 100K. They simply did not have the money to pay any more. However, because much of the management, and directorship between BX, and MIQ were the same people, there was a deal struck where MIQ gets 25%, BX 25%, and Kinross 50%. A question I have had outstanding for some time now is: Does BX have to pay anymore to secure their 25%? If you consider they were to pay 10,000/1% ownership, originally, they should have to pay an additional 150K in order to secure the full 25%.
If anyone out there knows for sure what the obligations, and documented %'s of BX are, with respect to POD, please post them. thanks.
Take care... joe |
