Ann: Quarterly activities report, page-60

Guess I should have written.........banks don't knowingly take risks.......for a normal business loan, they've got everything but the kitchen sink as collateral. However, they certainly make some monumental gaffes, including, as PB says, buying far too many very low yield bonds/treasuries etc a couple of years back when yields were close to zero, with those banks that bought longer term bonds now holding paper worth 50% of face.....and that paper is part of the banks reserves, the basis on which they're allowed to lend. U.S. Fed had to open a special 'lending window' which loaned $$ to banks 'pretending' the paper was still worth face value.
Currently, regional/local U.S. banks are sitting with loans against commercial real estate, typically office buildings, where the collateral has, staggeringly, decreased in value, in the price one could currently sell them for, to such an extent that many of these loans are way under water, with the mortgagees ,who would normally take over when the owner defaulted, just signing off and walking away, leaving the mess to the most secure lender, the bank, to sort. Extend and pretend is largely how this massive problem is being handled.....we'll see....
CYL could raise funds for Trident with a conv. bond, wouldn't be secured by collateral.....but convertibility can be a problem, with bond holders, under some circumstances, more interested in pushing sp down to increase the # of shares they get on conversion ( doesn't happen when success is obvious ).
Or, CYL could raise funds with a standard collateralized bond, high yield, with some shares, or shares and wts, attached......but then, CYL is betting the farm on Trident...........
Wish they'd increase production with really low risk really low capex open pit mining.........save Trident till they can do it with own funds.