Yep, I agree @hombre cara the whole KBC situation is pretty...

Yep, I agree @hombre cara the whole KBC situation is pretty interesting.

KBC bought around $1.2m worth shares in VEN at an average of 2.65 cents between 13/12-1/2. 2.65 cents a share caps out at roughly $23m.
Assuming 20% of VEN's value is in their other assets VEN's 50% share of O/V is worth $18.5m. MEL conveniently holds 25% of O/V which would be worth $9.25m based on KBC's numbers or roughly 8.5 cents/share.

MEL have a financier attempting to default an existing loan on a project while simultaneously investing in the same project via another entity. It is a little unusual. If KBC do decide to pursue MEL they won't be able to argue that the underlying security value has deteriorated. The other, relatively minor, defaults of late payment of interest and failing to issue the required options have both been remedied.

I am hopeful that cooler heads at both MEL and KBC can find a commercial resolution to current issues so MEL can re-focus on opening up Odin and Vali.