you are not asking a current real world question. PNL has spent roughly US$150m developing the mine. Tribeca are the only secured creditor. PNL owe Tribeca give or take with interest to date roughly US$50m. PNL's cash position as at the last Q update was roughly just under US$5m which triggered the default notice. That cash now belongs to Tribeca and is forfeit. Tribeca will be lucky to get 100% investment back. Further more, given they stuck more money into PNL at the end of November I would suggest that the person that signed off on that at Tribeca doesn't have a job anymore. PNL is lucky that chapter 11 in the states is different to bankruptcy in Australia. PNL is a listed shell with no assets and no money subject To PNL putting out a clarification stating differently. PNL will trade as such and will trade at 0.001 cent imho and needs to raise money. it's all over. the music has stopped and we have no chairs and further more no apology.
PNL Price at posting:
4.1¢ Sentiment: Hold Disclosure: Held
