raising capital to extend its debt facilities tells you everything you need to know. Lenders are not willing to extend their long term debt facilities to Lonmin, which means Lonmin doesn't have enough assets to offer as collateral. So when Lonmin goes into business rescue (and that is almost a certainty, in my opinion), you as a shareholder will get taken out - just like Abil shareholders. Shareholders are bottom of the pecking order when it comes to an asset strip. The state will reclaim the mining license (let's not even begin to speculate what those corrupt *****s will do with it), and Lonmin will be left with what exactly, some mining equipment, tailings, production facility and a couple of holes in the ground. Hey - some miners have pulled off some legendary recoveries (read up about Metorex, for example). But that was in a commodity boom - and Metorex didn't have competing self destructive labour unions to deal with.
