Jerry, I concur with your statement on too much emphasis is being put on the Bellavista impairment charge. In taking the impairment charge today, it further cleans up Glencairn’s balance sheet and significantly improves return on equity in the future financials.

My understanding is the impairment charge is nothing more than a write-off against Bellavista’s goodwill. It is just an accounting change and the smart money (institutional investor) understands this. Basically Glencairn’s accountants are suggesting the difference between the fair value and the carrying amount of goodwill of Bellavista is approximately $40-$50M therefore resulting in an impairment charge. The impairment charge is not a cash charge and will not affect Glencairn’s cash flow per share. What is important for investors to comprehend is Glencairn’s operating income as this tells us how the mine operations are doing. The impairment charge is reported on the statement of operations sheet and is recorded as a depreciation and amortization expense. Analysts that cover the mining industry focus highly on cash flow and therefore the impairment charge is not meaningful.