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Rubicon (RMX) files its annuals and... care about balance sheets now, yeah?

There was a weird pumpy spike in RMX a few days ago, which had me rather perplexed. The only possible reason for it is Greater Fool trading, this company's shares are going to plain zero. If you want an example of how a debt restructuring on the back of a large stream ends for the equity price, go back and see what Sandstorm did to Colossus.

The interesting endgame here involves the Canadian Pensions Fund CPPIB: It's easy to say that in hindsight were pretty darned stupid to lend RMX all that cash, but we're all wiser after events and that's done. No, the interesting bit is how they're continuing to be darned stupid by playing pretty-pretty with RMX and trying to work with this stone dead company. They need to stop the stupid and get to the front of the liquidation queue right now, as if they don't Royal Gold won't have a second thought about putting its large liability between them and their money. This is capitalism time, CPPIB, not pretty-pretty time.