Hey GW
Unfortunately I have been pre occupied with some family matters and haven't been following the board as closely as I would like. I understand what you we saying now and see your point.
In my view we will either see VZ change it's mind and move forward by reinstating our MOC and giving us the permit or they will settle with us by using the mining money loaned to them by China. I don't see any settlement from China coming our way because of our JV agreement.
What I want is a fair offer from VZ so I can get away from Hugo once and for all. I will let Fung work towards getting us that offer. I can't say what is fair right now because I'm not privy to all the information. It comes down to a risk reward situation for me. How much am I willing to take now over how much am I willing to take 2-3 years from now by going through arbitration. I believe we have a very strong case and our firm leading the way is well versed in dealing with VZ.
I would love a settlement close to our 3.8 billion number but know that won't happen unless we are prepared to wait for it. It is the old bird in the hand vs two in the bush scenario. Give our fully diluted count of 412 million we are asking for $9.22 a share. If we only got back our costs we would be around $1.25 a share. None of this takes into account paying back the note holders however. Even paying them back only drops us to about a $1 a share.
So many here have said they would take $1 or $2 just to get out. Until Fung tells me that this is all we will get I have a much larger number in my head but the question is it attainable.
China wants the resources and VZ needs Chinas money. It may take a while but I believe we will get close to what is fair.
