Re: new article
in response to
by
posted on
Nov 09, 2011 03:33PM
Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America
Civi, no problem siding as you put it with Dparge. I don't remember in my post where I said he was wrong or on the opposite side. I'm simply pointing out the futility of saying the the deal will fail or the deal will get done.
I was not the one who said they either couldn't raise the money or it would be difficult. I was not the one who kept saying why haven't they announced the financing and now complain about missing a non firm deadline as outlined in the Oct. 11th press release.
What drives me crazy is when people post doom and gloom and say I hope I'm wrong. When people demand the Crystallex tell us how we are going to finance ourselves and then complain that Kry raised our expectations by telling us what we asked for.
If Kry said they would have the new debt wrapped up in time for the old debt to be paid off you and others would have questioned the how and why so long. Why can't Kry tell us what is going on?
When they tell us the financing plan you and other question whether they can achieve what they want to do even if their is no FIRM deadline given. Here is what the PR said "Closing of the Offering is expected to occur on or about October 28, 2011, or such later date as agreed among the parties." While I don't like it we are in the "such later date as agreed among the parties"part of the PR.
Let me give you a more accurate PR from the JJ vault.
Crystallex is doing everything they can to avoid bankruptcy. We have a potential PP in place if we can get enough people to subscribe that will ensure we can see our arbitration through to the end. We will be giving up a lot more than we should but given we face bankruptcy we're kind of screwed. We anticipate closing the PP when we get enough people to give us $120 million. If it is in time to pay off the old debt we are in good shape. If it isn't in time we are SCREWED.
We encourage shareholders to decide for themselves whether we can get this deal completed. Our suggestion to you would be if you think we get this done in time hold on to your shares because their value will increase. If you don't think we will get this done in time sell your shares and feel good about you getting something when so many will get nothing.
JJ