Has Magnis lost control of IM3NY?, page-15

I posted the below on the AGM Presentation thread and it seems appropriate to repost here, as is relevant should iM3NY end up being lost to the lenders:

Seems everyone here is forgetting (some I suspect conveniently) that MNS is bankruptcy remote to iM3NY.

Agree with comments that there is high risk in iM3NY. At the moment we are seeing the usual process of the lender calling all and any events of default it can ascertain to reserve its rights. That is standard practice. Interesting that they have not yet enforced, so the negotiations are continuing. Worst case scenario is MNS wipes out 100% of its investment in iM3NY.

But outside of iM3NY, MNS still has the Nachu and AAM projects which are not encumbered. Nachu has government credit agencies visiting for DD (this week I think) with a view to financing its development. The China ban on graphite exports has changed the landscape for these projects.

So Nachu / AAM are still progressing and MNS would still have a viable future as an owner (in whole or in JV) in these graphite assets.