I see a few houses were dumping steadily today taking out the bid at $.10 that was holding for awhile. Now the bid has fallen to $.095.

The only news I see is that Goldbrook and JJ had to go to court over a dispute over the ownership of their Raglan nickel deposit. Could this be an indication of JJ's true intentions to take full control of their Canadian operations?

This may have been why JJ changed the terms of its latest debt scenario here at Liberty. While JJ has changed the terms of not allowing the preferreds and loans to be converted into equity ownership, they may have gotten spooked by the Goldbrook situation.

Not to fear at Liberty Mines as JJ holds the security on not just the mill at Redstone but all mines and exploration properties. Lock stock and barrel.

So in under 18 months and counting anyone want to take a stab at what JJ will takeover when the first debt is due on Dec 31, 2012?

My suspicion is that JJ will take over all the exploratory properties first like Groves. As well as McWaters by then. All of those won't be worth what JJ is owed.

I suspect they will leave the Redstone mill and Hart deposit last when the three year debt is due. Trying to give every chance for Liberty to pay off all of its debt. Its much easier to foreclose on a debt due with the court's rubber stamp than dealing with the exchange and the minority shareholders. Messy stuff that is.

After that, the fat lady sings and its game over. Oh sure Liberty will still exist but in name only as the company will hold zero assets in less than three years. At least then it will become debt free and will stop bleeding cash.

Maybe Gary was the wise one for dumping all his shares. If he was still around I would doubt this stock would even be trading by now.

Best,