looks like it's all over for CAI. seems it will be carved and sold into pieces or if anyone's foolish enough will buy it as one item - well if POG stays where it is and whoever buys it does not have to take over the hedge book, they can still make money out of it.
Mac Bank, if lucky, may recover the money but I doubt anyone else will.
It starts to look CAI could not get the production under control ever.
Will be funny if Mac Bank also losses and the joint gets sold for 20c in the dollar of what Mac Bank is owed.
Ann: Boda-Kaiser Scoping Study, page-30
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