Kwaidan, I think a buck would be about right, but 80c would give them a lot more fat and padding. If it was a small amount the broker would probably accept a fairly small discount, even in today's climate. But if you have to cough up for a huge >100% dilution of the shares and you'll be holding all the marbles...yeah, it won't get done.
Consider also, Caterpillar Finance has given them a mining fleet on tick. This is because Cat needs to turn units over to keep solvent amid the downturn. Cat is doing this not because it wants to support MBN and thinks the project is OK, but because as long as they move the trucks off Cat's books and out onto lease, it keeps Caterpillar's head above water.
If in the next 2 years MBN hits the skids, Cat will pull the rug instantly, because they will be betting that in 2 years demand will be solidifying and they can push those leased/lent trucks off on someeone else.
So, if I were a bank, i'd be pretty uncomfortable hopping into bed with too many of my fellows, because they could all be like Caterpillarand drop a bombshell at the slightest poo stink. Bankers around other bankers in syndicated facilities are like cats in a rockinchair factory.
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