still 28 million cash, page-3

50m AXOG out there, @$0.16 management could buy them all back for $8m and have $20m left over!!!

i suspect that the problem is that after Macquarie dumped them all that other holders arent to interested in selling down.

i rate AXOG the better buy over AXO, however with the price difference being so large now, $0.07 you could almost get double the amount of AXO for the same price as the AXOG.

the only reason you would continue to hold AXOG is to either get the interest payment or you think they are headed into administration and what to get something from the administrators when they flog Balla Balla to the Chinese.

the most leverage is from the AXO however, if they can get Hebei to give them some cash then the price will be well over $0.50 in a hurry. at that price you will make 5x your cash while in the AXOG you might see it run back to $0.60 for 3x your money.

i have both AXO and the AXOG. im thinking of selling some AXOG to buy 2x as many AXO, however i wont do it until i see the EPA approval. Once they have that every man and his dog will be all over AXO. the chinese will be falling over themselves to buy in.

so my advice to management, take out the notes with cash.