ROTFLMAO! In your face sleezebag!
Gold Reserve does not believe that Rusoro
has the financial resources to continue its existing business
activities, let alone its aggressive growth plans for the combined
company. Specifically, according to Rusoro's interim financial
statements for the three and nine months ended September 30, 2008 and
2007, Rusoro had current liabilities of approximately $46 million and
cash of approximately $21 million, and incurred a loss before income
taxes of approximately $74.1 million for the nine months ended
September 30, 2008. Rusoro also has long-term debt of $80 million
(Hambro/Endeavour Loan), which when aggregated with Gold Reserve's
obligations under Gold Reserve's 5.5% Senior Subordinated Convertible
Notes, equates to an annual interest obligation of approximately
$14 million. Furthermore, the entire $80 million loan is due in full
on June 10, 2010, yet Rusoro fails to explain how it intends to repay
any part of that amount.