Who on Earth is gonna put money into this without complete and total control? And with the 43-101 done by the same engineering firm and how do we know that all the projects aren't tainted, we just don't know, nor does anyone else looking at this. I suspect its guys looking at this from a liquidation standpoint, but I really have no clue.
18 million + short so maybe, but I think its more that the 4 guys who was really one, trying to push this down, with some crazy talk about how the lease was unsecured in chapter 11, I think they were are a little too young to understand capital structures and priorities. They spewed out something from B school so I knew they didn't understand. Either way...they may try and push this down again or they realized they made a mistake, since they went silent anda re covering.. Selling begets selling and so much of our trading now is algorithms that things get out of whack quickly
Usually there is a 30 day cure period once they are in default, which has occurred.
So, we are on the clock so to speak.
Whomever gave you the tip..your cab driver, nurse or shoe shine guy got you into the trade too late..your the last to know...its time for them to cover and guess whose buying your shares...this is Wall Street guy, know your source
Why not short the WIn unsecred debt, would be the new equity as the bank debt and leases pass through, the CDS suggest a 40c recovery...Have you looked at the CDS of WIn, CSAL?
Its interesting to watch some of these shorts... I find it amusing sometimes..I short stuff sometimes, but this one is not obvious, we are getting into panic mode now, so its almost over...
Sorry its backward...which is why your confused, about the lease situation. How long you been a distressed analyst?
yes..they need to acquire assets and upgrade the existing system big time, no question,, but Finnie been shorting this thinking the lese is unsecured...he's wrong. The pro-short has been the Win unsecured debt.. 6 3/8 of '23
Finni NO, it is not senior unsecured. They would need to reject it dude, and if they do that there's no business. You also aren't of the understanding that the current success based cap-ex spent by Win will be owned by Csal, no work around...
So I ask do you think the lease is bad...its gonna be senior to the Win debt, so highly unlikely even in chapter 11 that it stops paying...so what's your arguement?
Goldman said it was worth 27 today,,,remember Goldman is hedge fund in disguise as bank/broker. So likely they are buying..After looking at this all different ways, I don't believe its worth less than 30. I think the lease agreement is misunderstood significantly. I've been buying lightly everyday, waiting for that huge volume day where it denotes a bottom.
Kurdem,, if Barrick pays 50 million for the company as you State, the common is worthless..your just not getting this situation or the balance sheet. Hale and friends are owed 75 million ahead of the common,, CBA is owed 53 million ahead of you. Common gets nothing unless at least 130 million comes in, plus working cap a reclamation adjustments...U may be right though Barrick may end up paying 50 in a 363 sale.