GS, we all know whats happened to the Mon loan (gone) but the company wrote this in the recently released annual report..
"The Company provided a $9.5 million loan facility to Monarch Gold Mining Company Limited in 2007 under a commercial agreement. $3.5 million of this loan remains outstanding after Monarch went into Voluntary Administration in July 2008 following a poor production performance. We are vigorously seeking recovery of the outstanding loan through the approved Administrator, although the actual recovery level is unlikely to be known for some time and depends on the sale of a number of assets held by Monarch."
Except for some plant, Monarchs administrators would actually have to pay others to take some of their supposed assets lol. When next month (regarding positive cashflow) doesnt even mean 7 months later, I dare not think how long "for some time" means we will have to wait. I think IRL will have the same administrator working for them by that time. Wont that be confusing!!
IRL Price at posting:
1.0¢ Sentiment: None Disclosure: Held
