Ann: Strandline agrees to sell Tanzanian mineral sands assets, page-6

Fair points...

If I was on the board I would not have made STA and STA UK guarantor of the super senior loan... I would have done an Allan Bond and slid the keys over the table and said "well, then you run it however you want, or tip into receivership". I don;t have access to the same knowledge so far as what the plan and odds of Coburn ultimately surviving without a debt haircut and recap that wipes out STA holders, but I'm on record saying its very low based on all the production issues and negative cash flows etc, etc.

If it turns out STA goes into Administration the board will say "whocouldanode?" but I call BS, because it looks almost a certainty with $300M debt and the permanent disabilities now come to light.

I suggest people look at things rationally through the lens of 'don;t throw good money after bad'... OK, straw poll on HC, who if they owned a business that looked this crook and going bust with too much debt would pile in another $43M ijn the hope of coming out with much more, vs cutting loose the dying project and keeping the $43M safe and sound for another investment elsewhere?

The time to hand the keys over to the creditors was when they demanded STA put up Tanzania as collateral for another few months of losing money cum-breakeven. Why would they do it? ... well, 750,000 reasons for starters...

Stitched up behind the scenes if it's too late for shareholder vote.. well played creditors!