02-24-2019, 06:23 AM
So, I'm no lawyer, but reading the draft agreement from the link provided, it certainly looks like the deal is that the lenders are getting permission to use the assets (leases, IP, perhaps the SPT machines, though it's not clear who owns them at this point, etc.) that technically belong to subsidiary companies to secure the loan to the umbrella corporation, a loan that Nautilus has, perhaps unsurprisingly, declared itself unable to repay.
Basically it looks to me like the agreement will allow the lenders (essentially Metallovest (Usmanov et al) and Marawid (Dr. Barwani, et al) through DSMF) to claim the assets, owned by subsidiaries in which only the umbrella corporation holds interest, should the umbrella corporation default on the loans (which it will have to, because it has no real assets outside of the subsidiaries, nor any cash flow from anything other than the loans).
This would allow the lenders (also, conveniently the main shareholders) to strip away the key assets and leave the corporation in which they (and we) own shares for dead.
When shares go to zero, we're out of luck. But while their shares will also go to zero as the corporation dies, they won't really lose out, because they'll already own anything of value, having claimed it quite legally when the loans are defaulted upon. Been hoping for a few years that it wouldn't come to this, but GAME OVER.
Deep sea mining is going to work someday soon using technology developed for Nautilus Mineral and it will make someone a lot of money, but it won't be the smaller shareholders of Nautilus Minerals, like us. Damn.
Basically it looks to me like the agreement will allow the lenders (essentially Metallovest (Usmanov et al) and Marawid (Dr. Barwani, et al) through DSMF) to claim the assets, owned by subsidiaries in which only the umbrella corporation holds interest, should the umbrella corporation default on the loans (which it will have to, because it has no real assets outside of the subsidiaries, nor any cash flow from anything other than the loans).
This would allow the lenders (also, conveniently the main shareholders) to strip away the key assets and leave the corporation in which they (and we) own shares for dead.
When shares go to zero, we're out of luck. But while their shares will also go to zero as the corporation dies, they won't really lose out, because they'll already own anything of value, having claimed it quite legally when the loans are defaulted upon. Been hoping for a few years that it wouldn't come to this, but GAME OVER.
Deep sea mining is going to work someday soon using technology developed for Nautilus Mineral and it will make someone a lot of money, but it won't be the smaller shareholders of Nautilus Minerals, like us. Damn.