Yes - Slide 9 says we have $260M - so technically we have money today to complete Algar (without the $150M First lien Notes)...

...and then what....pay interest with IOU's? Pay working capital shortfalls with non-existent profits?

This is one of the most seriously mismanaged companies I've ever seen (why was I so blind when touching this company and giving DG the benefit of the doubt).

Here's a simple gross under-estimation:

The Visionary DG sells us the idea we need an extra $200M to finish Algar, and working capital shortfalls in 2006-2007 - since he didn't think we needed the 200M credit facility anyway until Algar - he signed with full blinders on......

In 2009, he then realizes that the $200M credit syndicate was not reasonable so he walks away from that credit facility (WITHOUT building Algar)

....so what does Mr DG do....

he gets rid of the $200M credit facility and issues shares to the tune of $164M ; sets up First Lien Notes worth $150M, and requires additional working capital - "please insert whatever" - I choose $50M...TOTAL raised $364M

....so we trade $200M credit facility and then figure out we'll need $364M ($164M + $150M + $50M)....and we need this OVER AND ABOVE our $97M we currently had at March 31st Q1

...the cost of Algar is still estimated at $200M - so how the heck do we now need at least $461M ($364M +$97M we have cash on hand).....?

This is illogical on so many fronts. We've doubled our requirements in a blink of an eye. Were we wrong in 2006/7 or are we wrong today? Blame the economy? I don't think so....... we were told that the $200M credit facility was our security blanket "in case" the world goes bad, situation, etc.....sorry, our current requirement makes no sense after we walked away from what we thought we needed.......just doesn't make sense....unless this is our last stand....IMO..

Good Luck

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