My thoughts entirely Officemanager… you posted whilst I was typing a post with the very same question.
Of course they all paid the minimum - who would pay more unnecessarily...?
But, they do not get their green card unless the project Completes. End of.
Would they really risk losing any money paid so far?
Would they have been prepared top pay more to get the option of a card?
These schemes are few and far between - So... will they pay more or allow it to fail and lose the coveted card AND the money already paid?
Don't have to be a ramper or amateur investor to answer that one.
Now the million dollar question for me is - If you are not invested - why the negative 24/7 posts Marineville? What's your motive?
This was never going to be funded by public money, and public funds were never going be an option to find what is required to now finish the wheel.
Until we know what is required, and what the shortfall is, it is difficult to speculate on who will provide the funds.
For my opinion, most of the big ticket items have been constructed, so getting the wheel assembled will not cost as much as some are speculating.
There are too many with vested interests that have provided previous funds, for them to now let it fail at the final hurdle.
The funds will be found, and the wheel will be built.
At what dilution to our investment is the million dollar question.
Break out...!!!
I read it as a positive... if there were no deal on the table - they would let the deadline lapse or announce no deal.
That there is a request for a delay tells me that there is a deal, but like a lot of these types of transactions, the number crunchers don't like deadlines.
There are too many with vested interests of seeing this complete for it not to.
News due anytime looking at trades going through... somone knows something!
Few nice buys coming in again... think this might be going up.
The vast majority of the finance of the NYW was received under a 'Green Card' scheme from wealthy Chinese investors.
They have to return their Green Cards if the scheme does not complete.
Most of the expensive items ie the foundation pads, and the support legs have now been constructed, and all that is needed is assembly.
By Tracey Porpora, Staten Island Advance, N.Y.
Sunday, July 1, 2018 | 2 a.m.
STATEN ISLAND, N.Y. — Fifty days have passed since the New York Wheel got the green light to hire a new contractor, and word on the project's progress remains mum.
In May of this year, the Wheel was given 120 days to get the project to build a 630-foot-high observation wheel on the St. George waterfront back on track after it was derailed in May 2017. That's when its former contractor walked off the job and was subsequently fired.
The agreement was hashed out in May, and spokespeople for the NY Wheel said they can't comment as to whether they are close to hiring a new contractor.
When the agreement was reached, the Wheel issued the following statement to the Advance:
"The New York Wheel is committed to the development and completion of the project, and the revitalization of the Staten Island waterfront destination that it will promote. The settlement paves the way for the Wheel to continue to finalize its financing arrangements, and arrangements with a new contractor, American Bridge, the builder of the new Tappan Zee Bridge, and ARUP, a world-class, global engineering firm, and complete construction," said the NY Wheel.
"Both American Bridge and ARUP have experience in building observation Wheels of this type having been involved in similar wheels in London and Las Vegas. The New York Wheel has also already commenced discussions with the suppliers that will be necessary for completion of the project," the Wheel added.
American Bridge and ARUP have not answered Advance requests for comment.
120-DAY STANDSTILL
The agreement hashed out in the spring between the Holland-based Mammoet-Starneth and the NY Wheel in Delaware Bankruptcy Court allows both parties to enter a 120-day standstill period, extending through Sept. 5.
The agreement is a culmination of more than a year of court battles between the two parties.
It allows the NY Wheel to come up with the necessary financing to complete the project and hire a new contractor, according to court documents.
The NY Wheel can terminate the deal at any time before the 120 days are up if it can't obtain financing, court documents say.
In addition, the agreement dismissed the lawsuit the NY Wheel filed against Mammoet-Starneth for breach of contract.
BANKRUPTCY HISTORY
The project to build the observation wheel on the St. George waterfront has been stalled for more than one year. Problems began when Mammoet-Starneth walked off the job on May 26, 2017, and filed for bankruptcy in December.
To date, the NY Wheel has been ordered by Delaware Bankruptcy Court to pay nearly $2 million in storage costs, according to court documents.
The payment of the storage costs was ordered by the court after Mammoet-Starneth wanted to auction off the parts of the Wheel as part of its liquidation of assets, according to court records.
Mammoet-Starneth LLC has been given an extension until
GOING UP! looks like the free float has gone. Onwards and upwards from here!
Cant believe we are still at this price after todays news. This just gets better and better, and think this is way undervalued. Has to be one of the best buys on the market at the moment....
buys coming in now after a lot of late reported sells. Think this will move up now
Wow...! Whats not like....! Funding sorted. No dilution 8% rate sounds good. Elephant in the room sorted? Can only go up from here.....
DELAYED TRADE.... IT WAS A BUY!
surprised this hasn't moved a lot more with all the buys...
Dipped a toe back in. Whats not to like - EBRD loan paid off, African Resource fully supportive and converted loan to shares further reducing overhead. Underground mine coming good. 3p buy should have underpinned the shareprice....
Deezul, I was a shareholder at the time. From Memory the contractor had failed to divert a stream, which subsequently ruptured the lining in the tailings dam. they announced it at close of trade on a Friday before a bank holiday. It turned into a disaster that the price never really recovered from. I still watch, as I still await the promised delivery from the underground mine... 6 years later
This was previously Goldbridge Resources, and prior to that Hambledon mining. Its been a disaster for years and never delivered on anything promised. They poisoned the whole village when the tailings dam leaked a few years ago - hence the name change. I would think twice before ploughing too much into this.
Whoosh...! watch this go now!
Wow...Something happening! All Buys!