IKN

Win us with honest trifles

Gran Colombia Gold (GCM.to): People beginning to notice that Serafino Iacono’s hobby ship is sinking

On August 18th IKN explained how unprofitable Gran Colombia Gold (GCM.to) was as a gold mining operation. Then on August 19th IKN wrote a little on the upcoming debt repayment problems, including:

“The fun starts in November, when the gold notes start coming due. We can only hope the creditors behave themselves, form an orderly queue and don’t start squabbling over who gets paid first. Impressively, this thing still has a market cap of around $35m. That won’t last, though.”

Seems as though the message is finally getting through:

Wonder if it’s Giustra that’s selling? Their ex-puppet media brown-nose Thom Calandra, maybe? Or their latest pet sycophant asslicker Tommy Humphreys, perhaps? Though in this case the KY Jelly application to the collective recta of equity holders won’t be called “bankruptcy”, merely “restructuring”. Gotta love Serafino.

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