Kaplan's "give me your money now and i'll reveal the true costs to production later" routine is a replay of the initial IPO prospectus from a couple years back.  At that time, IPO proceeds were to be used for a 36 month study of Sunshine mine to figure out how to muck it and associated costs.  Apparently in the intervening two years, Sunshine management must have done nothing but hit the bars in Denver on a company credit card and catch the mine on fire, since per media reports management still needs 6 more months to figure out how to muck it and associated costs to production.  In my opinion, this Sunshine IPO has NAU written all over it.  In my opinion, give Kaplan $250mm now and in six months he will 'figure out' he is about $250mm short and so as to avoid BK since ramping Sunshine quickly devours cash and the credit market is shut to single mine shops, then proceed to dilute the  sunshine equity to nothing with a follow on offereing whose shares will be priced at a fraction of the IPO pricing while  allowing Kaplan to retain controlling interest in the mine for himself.  In my opinion, what is necessary first from Kaplan, prior to any IPO, is a full disclosure, in plain English, not opaque references to a '3100 level bypass,' of the damages caused to the Sunshine mine by last years months long underground fire.  In my opinion, the damage to the Sunshine is catastrophic as evidenced by the fact that the blaze burned for months (Sunshine is a hot mine with ventilated stopes worked at 105deg F temperatures so there was plenty of old dry resinous pine timber supports undergound just waiting for a spark to ignite), the mine had to be pumped full of inert gas to extinguish the embers, and the fact the new mine plan outlined in the recent S1 is to build a new mine in an unexplored area, rather than muck the known Sunshine Vein resource on the 3100 level of the mine,