I see some comments on this board about RSK's employment in the 1980s and also Jamie's
redundancy -
not termination as some of suggested - in the face of an existential liquidity crisis. Not only are you misrepresenting information, which even in their truest form are irrelevant, they are insulting, but they are not surprising; When you have grown aged trolls sitting in their parents basement holding a few hundred shares of KCN stock, impatiently looking for a lottery ticket, this was always to be expected.
Many of you have lost your minds for nothing less than impatience short-termism. This has been a multi-year dispute and you are unhappy about a few more weeks (or even months) to get to a favorable outcome. I am sure that all the short-term holders, especially those who bought in the 20s - 60s, are all sitting there goading everyone because you are either looking to make the quick buck or you want long term holders to panic and sell.
Why are you all so shocked and dismayed with the quarterly?Disclosure about the arbitration process has always been limited and the company has never commented about the substance of proceedings, nor should they have. No involved party is supposed to comment about the case or negotiations. Whilst the Thai brain trust may have been happy to reveal confidential information that could damage their negotiating position for short-term (political) gains, but Kingsgate's management have absolutely no upside in doing the same. In fact, I am sure that the strategy is to refuse any delay in the handing down of an award in order to keep pressure on the Thai government to keep delivering what is asked. Run the clock down and wait for the Thai's to capitulate is the strategy. Deviating away from this in the slightest would be damaging to our opinion. Public acknowledgement of progress in negotiations may even cause the Tribunal to delay handing down an award; they get paid for further delays and being part of an arbitration tribunal that results in a settlement is the proudest thing an arbitrator could have on their CV. There is no incentive to give Thailand an inch until they have given us just about everything we have asked for.
It seems you all have gotten too far focused on Thai press reports and that this has sent your blood pressure levels up a few notches. This is made stranger by the fact that Kingsgate's quarterly updates consistently state that the best source of information on the arbitration proceedings is the company and to ignore or be careful with what is published in Thai press. This is 'cut and pasted', as one poster characterized them as, into our quarterlies consistently.
The quarterly updates have never changed. Again, why is that such a shock? There is nothing to report on Nueva Esperanza. It is in a holding pattern and as many of you point out, the company was no longer required to fire sale it. First because of the PRI settlement and then because the sludge was released. We received EIA approval and then delayed payments for water charges, nothing has changed since then - what is there now to report? Maintaining that asset requires money. Explorers and developers are required to post and renew bonds and pay fees for assets in various stages of developments.
If we want further clarity on the way cash is being used and want to see numbers below the line, that is fair to ask for, but to act like cash is being plundered on drink and ladies of the night or evenings at the Jockey club - get a grip of your selves. On one hand you point to the fact Jamie was made redundant (and then hired back when liquidity improved) and on the other you complain about the way cash has been spent. It is not only counter-intuitive, it is moronic.
Just a few more weeks to go in mum and dad's basement for many of you until we should here something more formative - unless the Thai's decide to backflip again. In the meantime, eat lots of mom's meatloaf and have some patience.
(20min delay)