missing millions, page-4

Cosmoh

You got it nearly right, however the real story is - this is a doozy of a brain teaser...

CVI pays Fortitude and ADH 45 million for Angolan resources. In return CVI receives 65% of the companies and a $10M debt.

The companies then decide to buy a coal company in South Africa, using the $10M debt and $7M.

In end, CVI ends up with 74.6% of the coal company, 65% of Fortitude and a controlling stake in ADH, however none of the companies have any cash to develop their mining prospects.

If none of the companies have any cash, and no money has been spent on developing the mining resources - where has the money gone?

A free 1,000,000 CVI options to the first person who can give the correct answer!

;^)