As long as PAL does not default of their debts like Birch Mountain did, they will be fine. It would not matter if it was BAM or someone else who lent them the money. It is up to PAL to execute properly, and being that a new management is at PAL, I do not see them wanting to go out a failure. Until phase 1 is up and running and production is high enough, and cash cost is low enough, there will be much risk, hence the high interest rate on the loan. Once risk is less, then they would be wise to seek better terms at that point, so the 100 mil in interest does not cripple their operations, imho. The key to success here is to excute this transition to shaft mining properly, which they have control of, and for pd prices to go up from here, which they do not control, and now poses the greatest risk to success ,imo.