All,
The recent meeting was a side show from the real action of progressing the operation to a level of production that can spit out some cash, at this point in time any assumptions on profitability are guess work at best as no one has any knowledge of what production was or where plant problems are and how much to fix whilst costs accumulate on a daily basis and GT/Cornell try to get some leverage with a holding DOCA - who are they kidding?
HNC has been in the box seat from the beginning but only if oxide plant can be resurrected, they hold all the aces:
- Dilution if GT/Cornell/CMR refuse to accept HNC DOCA
- Pre-emptive rights if CMR goes into liquidation
GT/Cornell are just trying to get some funds up front from HNC and are only concerned with getting their money back, CMR shareholders come last otherwise would have supported HNC DOCA which kept the CMR assets in tact but no value for shareholders until all debts were settled, HNC aces above are just slightly better than liquidation. How GT/Cornell thought they could force HNC to look after them is beyond me.
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