This company was never going to be profitable at $7/lb nickel, despite the best efforts of everyone over the years to try and convince otherwise. Even at $10/lb it was iffy. Liberty will default on the loans, JJ will get possession of the assets, put them in indefinite care and maintenance and then sometime far down the road, develop them when nickel prices are appropriate. The only hope for shareholders after the 2009 market collapse was a miraculous rise in nickel prices to over $12-15+/lb. Never happened.

I still distinctly recall Gary Nash being adamant that they felt nickel prices wouldn't be at $7/lb for long when they had their big meeting several years ago to explain themselves. I specifically asked him what the plan was if nickel was at $7 and the answer was basically "$7/lb nickel won't happen, so don't worry". I guess we now know the answer. Glad I sold then.