What this did was trade 30-40% equity for a 7.5 million loan. In the end, Gutnick & Co. will be major shareholders of both LGDI and Paradise - winning on both ends.

For US investors in LGDI - still good news - just missing out on 30-40% of the pie. So if you invest today at .11 - and Slager finally stops *#@$@ selling, then you are still making out very well...assuming there is actual phosphate in them there hills.

So Acorn takes $7.5m and converts those into shares at IPO. For sake of round numbers - say the IPO goes off at $1 / share. You make $ on the run-up to the IPO and then get 60-70% of Paradise in perpituity as long as Gutnick doesn't sell it off.

So - those of us that have held for 3+ years may not be real excited about giving up some equity, but it sure beats going to zero.