Remember, back in the day, when Sinclair warned us all to stay clear of encumbered mining companies. Probably not the word he used, but meaning that resources in the ground, and above ground assets are security for financings (or what have you) done in the past. Hope I described this sufficiently well to get my meaning accross.

Now, as Coach has just remarked, Apmex shareholders were wiped out, and bond holders took ownership of all the remaining assets. Picture, if you will, a scenario where bond holders might force such a collapse, through short selling, or other machinations.

Will Newco have exposure in any way to such a scenario in theory, even if one might consider it highly unlikely?

I think this is the only concern remaining for me on this deal. Otherwise, I have pretty much decided to support the merger. There's bound to be pluses and minuses, and it's impossible to please everyone, but all in all, if unencumbered, I think the Newco looks good going forward.

N