I now have confirmation from Teutracker's source so we now have two different syndicate members saying the same thing.
The information I learned today was different enough from what I learned yesterday that I didn't want to post "rumors" and have some attack me as happened yesterday.
The following is in the spirit of sharing. We've been shot down so many times that if you consider it BS, so be it.
First off, the current bondholders are NOT interested in being a part of the PP. They want the asset for themselves, period.
Secondly, the firm committment is $40 million not $80 million. This is all Canadian money.
Thirdly- which was characterized as being softer money - is $85 million from two US hedge funds. The bigger fund is ready to put in $50 million, the smaller is ready to come in with $35 million, contingent on whether or not the bigger jumps in.
The bigger hedge fund is very interested in coming in. Their committment is characterized as being soft only because they can't do so without some kind of procedural approval process which supposedly will happen in time. (Red flag? I prefer to be a believer and take it at face value.)
This bigger hedge fund is the one the engineered the per cent increase from 35/40% to 49%
Finally, the 12/9 closing date has been extended to accommodate the US hedge funds.
