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I'd kinda held off from saying anything about LGC's numbers (apart from that little explainer on the forbearance with the fruity language that made a few people laugh. I recall) because for one thing there's no point kicking it now it's down and for another, I thought there may be something to salvage from the company in 2015, what with the plan to do the heavy earth lifting during 4q14 and run cheap production for a couple of quarters while it rained. But no, this one's gone, bye-bye Luna. Cash treasury has moved from $22.2m in 3q14 to just $3.7m in 4q14 (plus $6.7m restricted cash, but that's already gone due to the forbearance deal in 1q15), working cap is negative $24m. The notes on the restructuring (in both NR and MD&A) are 100% sadface unoptimistic (sidebar: you may have thought Sandstorm was out of the woods due to its restructuring deal, but it's not) and at times like these, it's worth remembering the golden rule of news releases: That companies will always put the best possible spin on things, so if this is all they can muster things are very bad indeed.