I'll be serious here and try to answer this question as truthfully as i can from talking to them over the years and even then never getting a full understanding.
1: I believe that we incurred over $30,000,000 in legal bills which we shareholders paid fighting the TAFTA, so if the TAFTA settlement was for say hypothetically $100 million, then the first $30 million would go to shareholders and Zurich would have a proportionate claim only over the remaining $70 million to be split between us.
2: I'm sure back in 2019 there was an announcement about this percentage split, but i can't find it.
3: When they last spoke to me before i turned into angry lovegod, they told me that if the mine re-opened that they would negotiate with Zurich on how much to give them.. There opinion was Zurich only paid us less than 40% of our initial $200 million dollar policy, so they would negotiate similar terms and only agree to pay them less than 40% of what we might owe them, something like that.... Give them back some of there own medicine.... good
4: The fact that miningnut witnessed Jamie saying at the AGM he was visiting Zurich offices must be confirmation that they want to be paid something , as today it's clear we are re-opening so the simple claim that they only get paid out of TAFTA settlement monies or receive nothing must be out the door.
5: This information i have is a year old, because they stopped talking to me when i started criticizing them, but one thing they told me was if they had to pay Zurich Anything, then they would pay them on our terms, like $1 million & year for the next +20 years, something like that.
So, considering anything they say about all our other issues can be taken with a grain of salt lately, ask them to clarify this in detail once and for all.
It's not good enough we are all left in the dark about this material issue.
It's a material thing, we are all confused, we have been confused about this for 5 years, so e-mail them and demand they tell you the details..
Today is the first day i realized about owing them interest !! that's just not good enough whoever agreed to that insanity.
Maybe shareholders should make a claim on getting the bonus cash returned and placed into an escrow account from whoever agreed to pay an Insurance company interest on and issue with an end date that could have been +10 years into the future & we can use that $500,000 as a down payment on all the stupid interest we might have to pay Zurich because of them agreeing to such an insane thing..
PS... Imagine if your car got stolen, the insurance company paid you $10k and you agree that if the car was returned you would payback the insurance company $10k plus 7% interest....
After 13 years , your shitbox car is returned by the 3 Thai ladyboys who stole it and the insurance company then says you owe them $20,000 !
I feel sick...
KCN Price at posting:
$1.20 Sentiment: Buy Disclosure: Held
(20min delay)