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Connacher is a growing exploration, development and production company with a focus on producing bitumen and expanding its in-situ oil sands projects located near Fort McMurray, Alberta

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Message: Re: UTS/CLL
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Sep 18, 2008 01:17AM

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Sep 18, 2008 01:03PM
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Sep 18, 2008 01:33PM

Spidey,

thanks for the kind words,

Look I'd say your concerns about the financing were valid, and under different circumstances they'd have been correct. Gussella arranged the financing just as the sub prime financing mess started to hit the fan. He's been around long enough ( and so have I ) to remember the savings and loan scandal in the eighties, Enron, the bursting of the tech bubble etc. So he had the foresight to know that eventually ( as we're seeing now ) the financial institutions handing out the loans would be hit hard in the near future. This of course would tighten up the availability of cash. You also have to take into consideration approval from the EUB has taken longer than expected.

Now for approvall,an e-mail was sent awhile back from CLL stating that it's just waiting for parliment to officially approve it when it gets back in session around the first week of Oct.



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