Well, legin, they do talk about tactically not paying for Mashalla and then they would be sued for specific performance gaining some time I guess. The problem is, they also say the Mashalla purchase price has already been increased by 10% with interest and penalty payments. Just not paying is going to ultimately be expensive. Also, obviously there are all the other holdco payments to think about. The main ones we know about are the royalty payments and the $800k semi-annual coupon on the convert. The royalty payments may be able to deferred as possibly being to friendly parties (nod,nod, wink, wink). If they default on convert interest that it would be pretty serious though I would say. Obviously various remedies in the bond docs. Not sure when the coupon is due. Overall, although I wouldn't normally trust anything they say, I would take them at their word on the 6-8 week deadline myself.
CCC Price at posting:
7.8¢ Sentiment: Sell Disclosure: Not Held