Tomboys Creditors Meeting Report, page-304

As far as i understood, most of the new notes were used to pay the 12 months of interest on the old notes. The whole mbn saga started oct 2013 when it could not pay noteholders a 6 monthly interest payment on $400 million. It recapped and used most of the new notes for back interest. It then relisted using the other $50 million for working capital. It was all looking good with nickel hitting nearly $10 per pound. Now 12 months later the $50 million is dried up.

This stock only ended up relisted as noteholders concocted to inject another $100 million to pay themselves missed interest payments and not to take an immediate 50% haircut when the company was only valued at $250 million.

Do we have a doca2 this time or noteholders accept the haircut?