Member Info for EV_Bull

Thanks for the correction, the banks are not taking a hair cut this is part of any negotiation.
"4. 11. LBO creditors. LBO claims, not subject to Judicial recovery, will be paid in accordance with the terms of bilateral contracts in negotiation observed conditions unprecedented."
"1.1.25. 'Priority Creditors' means creditors with claims which are not subject to the effects of the recovery process Claims arising from the LBO, according to with the LRF."
"1.1.33. "LBO credit": is the non-competitive credit Credit Facility Agreement: concluded on 06 December November 2013 between Zamin Amapá Brasil S. A. and Intesa Sanpaola SpA, Hong Kong branch (as agent on behalf of certain creditors), in the original amount of one hundred and thirty to five millions of North Americans (USD 135. 000. 000,00), LBO credit is secured by certain fiduciary guarantees and therefore is not subject to the effects of recovery Judicial."
"(v) the conclusion of bilateral agreement with creditors holders of LBO's credit by which they agree that new money coming from investor or other parties financial (DIP Finance A, B or C or some other money New raised as divide) will be senior claims in relation to LBO credits, agreeing to share the guarantees in a mutually accepted proportion and that payments will be realized from the livre box generation:"

@maddog, you are still, judging by the last line of your post. Complete hogwash.

Thanks for the clairfication Obs, It's what I read in the JRP, perhaps it doesn't apply to the banks then:
"4.5.1.1. Each claim belonging to creditors it will be discounted with thirty percent( 30%), The Discount being applicable in the tenth of this year."

If I understand correctly the banks are taking a 30% haircut as per the JRP and repayments don't start until year 4.

Don't forget, the banks are looking and listening to everything published. If we were seemingly going to make many more millions from stockpiles we maybe wouldn't publish the fact too loudly until post 20%. I'd expect a lot more detail and news flow once the 20% is fully signed off.

Just have to remember this is judicial recovery. It has been structured in such a way as to ensure the business can resume. The creditors are secondary to the recovery of the business otherwise it would have been a bankruptcy. The courts are there to get it back up and running which is why the stockpile is ring fenced for Dev.

@Obs there is at least 3 million tons probably more. 1.39 of which are set aside for Dev (10% of which is for the banks).
The amounts above 1.39mt at the port and mine belong to Gerald up to the value of $135m.
Any left over after Geralds have their $135m would then be added to that 1.39 for Dev to sell and fund the mine rehabilitation presumably.

Yes, Dev are being paid not KDNC to ship Geralds ore.
In that case the $135m would be net of shipping costs. similar to ours then if it's now dollar value rather than tons of ore.
"Quantity of iron ore shipped: 49,010,850 wet ton"
"Sales value (per ton): The value shown in the Invoice is USD 80.48 per wet ton;"
You're looking at around 1.7-2 million tons of ore there depending on handling costs if it's net of those but some of that was supposed to be at the mine.
In the court case with the banks they were claiming there was 3 million tons but that could be just what was at the port.
You can work backwards to the 3 million by dividing the numbers here:

"Iron Ore Fiduciary would far outweigh its credit (considering
a quote of USD53.65 per ton) would total approximately USD 160
millions. In turn, on the present date, the quote is above USD 88.45
ton, so there was an excess of guarantee, since the value of the ore of
iron would reach USD 265 million, that is, an excess of more than 135 million
dollars."

I confirmed it now looks to be $135m yes @tomcat:
the "List of Creditors Article 7 Updated 04.12.2021"
Classe lll Gerald Metals S.A. - - US$ 135.000.000,00 US$ 135.000.000,00

It's possible, the $135m is the exact same number at the LBO Credit though. I can't see a reference in the JRP as to how much ore was owed. Also not clear if it's gross or net. Assuming gross would be 15-18 shipments (3 already done).

FYI @Tomcat:
It should be noted that the images provided refer to the first two shipments of iron ore performed against Gerald Metals SA This Judicial Administrator informs that the most recent Recovery Plan Court, approved by the creditors on 08/22/2019 and approved by the court on August 29, 2019, provides for the availability of thesaid iron ore, as provided for in clauses 4.5.2 – 4.5.2.1; 4.5.2.2; 4.5.2.3; 4.5.2.4 and 4.5.2.5 up to the limit of US$135 million.

I believe Bulk Costa Rica is #4 based on when it was booked and statements from Kiran about #4.

I believe so far it's 3 for others and 4 for us.

Is that 10 pencilled in now Observer?!

I see some signs of movement @Obs (on both)

I think it ties in with Dev's compliance with the JRP, creditors are being paid now the wheels are in motion, works are being done. It's all happening as planned obviously we just need the bank deal signoff.

Gerald being allowed to ship is another big sign that the JRP is being executed on as is the extra $10m and associated works.

15,000 jobs in the region depend on this JRP not to mention the benefits of the railway being back in action.
There s no way this won't happen now IMO, works have already started.

They were absolutely posted on the court case but not "published" in the DJE journal (which they have now been). You can go back two weeks to see the discussion about it on this very message board in the "Court Watching" thread.
The "decision" lists 32 items one by one and is essentially out of date at the time it is posted.

@maddog I feel that you have misunderstood or are deliberately creating FUD. If you post the exact quote that you are unsure of I can offer my opinion.

@maddog Can you quote exactly what you are concerned about?

@Bannor - Click here https://www.jusbrasil.com.br/processos/65368883/processo-n-1088747-7520158260100-do-tjsp clearly posted on the 15th July (the date on the official pdf is actually two weeks prior), the net $10m is there on the 23rd July.