over and out !, page-9

We have a very major holder that will not let this fold. But I think any debt funding would require a cr component first, that's what happened with the Macquarie facility first time around. Adds breathing space for the lender.

Or they go to a lender of last resort like La Jolla. Equity draw down type facility. Or a convertible note with massive fees.

One things for sure, Jinka was not a bargain. The real winners were the vendors.

For people to place such high hopes on a mothballed operation was very optimistic imho. Their was potential to inject capital and turn it around but it was never going to be a bargain or the vendors would have done it or atleast made a compelling argument to sell for more.

Their is still potential. Most the hard and expensive work has been done. Would be a shame to give up now. But their has to be light at the end of the tunnel or we are better off without it.