As I quoted lloidlist article on another NM board, preferred dividends are cumulative, which means that Navios will have to make shareholders whole if it wishes to resume common dividends in the future. Also in the event of a company liquidation or bankruptcy, preferred shareholders will have a senior claim over common shareholders for all unpaid dividends in addition to their $25 liquidation preference per share. If they are not planning to pay common dividends, share price will drop below $1, and they will do a reverse split. This is how the Greeks conduct business. Refer to TOPS, with 5 or 6 splits...
I see only one NM bond: CUSIP 639365AF2 - $22.300
Other CUSIP numbers that I can't track: 63938MAD8, 63938NAE4
The Employment Agreement Amendment will provide that if Mr. Cohen's employment is terminated by the Seller without cause, or by Mr. Cohen for good reason (as such terms are defined in the Employment Agreement), the Seller will pay Mr. Cohen a maximum of $1,000,000 as a severance benefit. The Employment Agreement currently provides that in the event of such termination, the Seller will pay Mr. Cohen a minimum of $3,000,000 as a severance benefit.
If Rio Tinto can not make it in Mongolia then other stand little chance of making anything work in Mongolia.
Lee's game is simple: milk it to the end and sell what's left.
They selling equipment and whatever coal they stockpiled. Next is bankruptcy, because real investor will never trust a dime to this clown. They need about 500 mil.