SamScout: I confess I do not see where whatever SLR paid to BNP Paribas is accounted for in your calculations. Those BNP loans, totaling approx $65 million including the interest, were senior priority, so would have otherwise been paid off before all else, were Harte's assets sold in bankruptcy. All SLR has said, so far, is that the amount SLR paid to BNP did not exceed the $65 million value of the loans and interest.
Further, I believe that the $20 million that BNP's hedge book is currently out-of-the-money, which SLR agreed to make good on in the amended SISP agreement, would generally be considered a liability for SLR. As the gold price and hedge book currently stand, it will cost SLR $20 million to satisfy those hedges, relative to what SLR could otherwise sell the gold ounces for. Correct?
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