After reading the boards there's a lot of things being thrown around, some of it factual, some of it speculative, some of it with reasonable evidence and some of it farfetched. The lines have been blurred, and I'm posting to make sure my own understanding is correct.
My own understanding is that the FS should have been ready by Q1. TT has told management it was ready. One week before the last NR, Jim Gray was retained and looked over/audited the FS and came across problems with the Mine Plan and that is the reason the FS is delayed.
I'm not sure if this was because TT said it could be done by Q1 but because of the amount of people working on it, this was unreasonable to actually accomplish (NR suggests this) or if it was because the Mine Plan itself would probably not be accomplished because of complications/technical problems (I think Chappy suggests this). If it was the former however, I don't see why it would take so long for a delay, which is why the latter does make sense to me.
However, the delay also makes sense if it is a tactic to delay the FS. Why was Jim Gray retained in the first place? Was this because Elmer thought TT was lying/weren't doing it right? Or perhaps this was just standard protocol to have it reviewed and audited before release. On the speculative hand, this was done as to create a diversion for negotiations which points towards why it would take so long when it had been suggested to be done by Q1, and although there isn't direct evidence of this, there are parallels to other companies who have been in similar situations. The only thing that is fishy about this speculation is throwing TT under the bus. It is possible that they are in negotiations, but the other problems do exist as well which would warrent them doing so.
I feel like a lot of disucssion has been towards the buyout (which isn't new), but one of the main peices of the puzzle and a new one is Jim Gray and why he was retained in the first place and how he fits into the picture for the future.
Is the delay because of shortages, technical problems on the Mine Plan, or is it because of negotiations and not wanting to get the FS out at all because of an offer. There's evidence for all 3, and it's likely that all 3 take a part however I've ordered them from most factual to speculative. Speculation is speculation, even if it does prove to be true. There's no doubt that they will negotiate at some point (and maybe even now), but it's not necessarily the reason we were delayed.
