I'm still perplexed about why Baghdadi and Johnson didn't just call in the receivers in 2022 when the Gold Links went bad. If they had done that, they could have used the Johnson debt, which stood at about $5million to buy the Colosseum outright, 100%! and then Baghdadi could have injected the $2.7m, that he has put into the Dateline issues since then, as working capital to keep the Colosseum project moving forward. They would have owned 100% of the project rather than owning 35% of Dateline. I don't think these guys are all that ruthless.
As for Johnson, there are a lot of houses, swimming pools and kids educations that have been paid for by the efforts of that man and his accomplishments. MacBank has been one of Australia's most successful enterprises. Baghdadi, I don't know enough about how he accumulated his wealth, but like most other observers, i can see that he has stumped up about $2.7m in the last year and half.
I still can't figure out why they didn't just abandon Dateline in 2022 and buy the Colosseum outright from a receiver when the price of gold was around the $1650oz. @AB0902, I imagine i would have a hard time explaining to my family why i have persevered investing in Dateline with personal wealth when there was an opportunity to let the company fall apart and simply buy the asset.
DTR Price at posting:
0.6¢ Sentiment: Buy Disclosure: Held
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