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As someone who holds a large investment here. Based on the progress made with the mine over the last couple of years primerialy. The financial mismanagement came as a very nasty suprise. I had very much hoped that due to the resource strength, & with a more competent CFO now that this would eventually get sorted out. The fact though that, after a couple of long over due hedges lower. As Cu hit $4.20 odd.... No further word.... Plus the recent poor Au revelations, and with the time dragging on......What nearly 4 months suspended?
Has made me far more jaundice about the prospects sadly, and now I see it as a bonus, not a given that things while untangle anytime soon frankly.
That's just being realistic. There is a world of difference between that and the aggressive Trolling that's quite apparent still here.
I see those people as either bored, and loving the idea of continuing to stir. Basically nasty people who enjoy others stresses. Or they are a more calculated attempt to hedge their bets as a trader, and if it does emerge get as good an entry back in as possible by scaring out as many as possible. Possibly for just their benefit, possibly for others they are involved with also ....
Either way, those types permeate all BBs. After a while it's very easy to recognise genuinely skeptical or overly enthusiastic investors from those types I suggest.
As most know though. They can say what they like. But only the respective company and lenders can resolve the situation. Period.
We still await that information, and all those genuinely invested wish for a workable plan.
Cheers.
I was almost convinced we were going to pull through this if you asked me a few months ago, but now I'm not to sure. The BOD have made such a mess of things. My hope is that they are pouring everything into paying off all debts and if we can get out of this debt free then things will get better, possibly much better. That is a long way off I imagine, but with the price of copper doing well, maybe it is a possibility. I personally think i would donate my investment to charity for RMM to pull through this, just to shut the trolls up as i would get more satisfaction from that.
Oops.
It meant to say
Moon, are YOU restricted by NDA?
Good morning all.
I have a question for Moon that shouldn’t be too difficult to answer.
Moon, are restricted by NDA? You are able to answer this with a simple riddle free yes or no.
Your ramblings have to a degree given me a glimmer of hope here yet recently you seem somewhat less informed and confident as to what is actually happening.
Just a suggestion, maybe sit down with the help of an adult friend (or chicken) and write a coherent message defining exactly what you are struggling to say.
Truth is, nobody knows what’s happening here. The fact EVERYONE who is here including the trolls positively signifies there is an overall belief we could rise from the ashes. Otherwise why would anyone of you visit the board of a bankrupt share. It’s because there is hope in everyone here it is possible to make some money out of this post suspension.
Good luck to every single one of you.
….change the header this morning. I know we aren’t in a great position people but the ultra negative ‘bankrupt’ thread header posted by a green boxed troll hurts my eyes.
>Employees will report to Newgen and that includes the previous management.
And the parking attendants will have to tend to Newgen's Bentleys and not Bradbury's Dacia Sandero!
They have to say that it’s being taken over it’s still under rmm until the situation is sorted if not then it’s different
Probably for the best really, except for everyone invested.
Mine will stay in production, owners will change.
Could the Canadian government have any say in the situation as I'm sure they would not want to lose a producing copper and gold mine? I remember John Meyer speaking on this matter, but that doesn't really mean anything I know, just a thought.
The BoD and RMM are irrelevant, Newgen and Elemental own the mine. The BoD handed over the mine in exchange for a loan, and now the mine is GONE.
Employees will report to Newgen and that includes the previous management.
Unsecured lenders will not be paid, they come after secured have been paid.
If the loans can be repaid in a time scale that is acceptable to the creditors RMM will recover the assets. But everything, absolutely everything, is decided by the creditors.
The day to day business must be cash positive and they are paying down the unsecured creditors. The BOD must have taken advice because otherwise would be wrongful trading and open them to personal liability. The issue will be be what £reward elemental and Newgen will extract for their patience and on what terms they can renegotiate the debt. Hopefully the copper price will come to the rescue. Even in administration the underlying asset far outweighs the debt and the charges are to the extent of the os debt. not
All I am reading is continuous speculation from posters - some really enjoying the difficulties more than others considering they are not invested ( very sad people). We are in an uncertain position at present - fact. The one positive amongst the many negatives is that we have been in default with Newgen for 3 1/2 months and Elemental even longer and have still carried on trading and even starting to recruit again together with a rising copper price. Its anyones guess how this will pan out - we don`t need gloaters making the situation even worse as we are all investors at the end of the day.
Anything could happen - but, yes, based on the significantly negative evidence on the defaults, administration remains the bookies’ favourite; yet, still two months remain before RMM becomes unsuspended - unless it obtains an extension for resolving its continuing financial problems.
Probably. Before elemental I thought it would take 2 years with high copper prices to payback Newgen. Now its you vomplicated to say.
Mentally, I'd write this off.
So in all likelihood, those invested here are going to lose everything?
The summary of Bridge Lender contracts is:
It is not a regulated consumer loan.
There is no requirement to be nice. Buyer beware.
In the event of default, entire loan plus default interest and professional fees become immediately repayable in full.
Title of all assets mentioned in loan agreement passes to Lender.
You cannot get out of default by restarting interest payments and "catching up"
To exit default and return title, loan must be cleared completely.
Usual case is administration and shareholder wipeout, but happy outcome for Lender.
Thanks muchly Smart Punter
They will get money they got many options to them so question is now how they gonna do it that next part
Get back 50% of thier investment, its a better situation than we are in right now.
Sell the whole thing, MM and LD! Pay off all debts and even if pi's
If they allowed them to do mining then there no problem but if they stopped them that diffrent story
Who?
Newgen and Elemental are the only entities having a say over the assets until an administrator is appointed to work on their behalf. Maybe they are negotiating how to split the proceeds without a £2million a year administrators fees.
Yes they are right on this but they would have done this long time ago they did not. They can get money from somewere else
At a guess I would think Elemental have a problem as they offered a loan against assets that RMM did not own.
Call in Administrator their only option to be treated equally?