Hi Fig, re "and asked if ships are just going to Lionergy (ie no irrevocable credit letter from JRO)"
Another possibility is that a ship may also have gone to someone else (other than Lionergy or JRO), just based on the lack of detail or clarity on who the second shipment went to that they mentioned in the quarterly. My guess is it didn't go to JRO (surely they would have reported that under continuous disclosure requirements?), so then leaves Lionergy or someone else.
Just in my humble opinion though.
AJM Speculation, page-300
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