I have this afternoon received a 600 page document with the blessing of Justice Moshinsky. The document is a restricted document in which case I cannot publish ... I don't think. There are some components which are I think in the public domain but would take quite a sleuth to find ... I'll see if there is any information value in extracting these and share.
The documents do not appear to have been redacted , they cost me A$60 and my application was premised on the basis:
The documents are requested because:1. These documents are extensively referenced in asummary affidavit subsequently lodged.2. The Administrators will not provide a copy directly nor arethey required to do so pursuant to the Corporations Act2001 to members of the company, Ten Sixty Four Limited;3. Members of the company have since February 2023 beendenied appropriate financial and non-financialinformation whilst officers of the company fail to complywith both statutory financial reporting requirements andASX continuous disclosure rules;4. The appointment of Administrators is somewhatincredulous because:a. On or about 27 January 2023, Ten Sixty FourLimited boasted USD65.5million cash and cashequivalent and negligible debt. This quantum wasas expected and entirely consistent with previousreports. On this basis, it is difficult to reconcileappointment of the Administrator;b. Proof of debts included in the Administrators firstminutes totalled circa A$15.1million. Of thatamount, A$14.5million claims were from whollyowned subsidiaries.c. Past and present officers of the company have notarticulated or inferred misappropriation of anysignificance. Moreover, the Administrator has notlodged with ASIC any report which indicates a riskor evidence of misappropriation as contemplatedunder section 438D of Corporations Act 2001.5. Members continue to be denied the opportunity to fullyassess and substantiate the value of their investmentand/or begin to construct and commence appropriateforward actions to mitigate further financial damage andseek financial .
I have read it once. A couple of observations:
1. The Administrator is playing with a bland straight bat.
2. I think there are a number of events which probably should have been reported by the previous board that were not. For example:
(a) a number of potent documents were supposedly exchanged between the PMC shareholders and then directors (including Welker) last April / May 2022 designed to put control beyond reasonable doubt;
(b) board reporting stopped December 2022 ;
(c) some 'company secretarial shortcomings' looked to have been exposed February 2023,
(d) exploration has now been stopped on the CQ tenements.
blah blah ...
3. KTDL & MMPRC Interecompany debts are the headline triggers seemingly empowering the new directors to engage VA. It would seem some are the response to recalcitrant behaviours of Raul. Interestingly:
(a) the ManagingDirector [advised PWC] that the loans to the Company were approved by the boards of MMPRC andKTDL ...
(b) limited commentary around recoverability of intercompany loans owed by PMC -> MMPRC
4. Raul is playing hard. The shareholding changes He has already put a proposal to the administrators. An all round great guy, hey?
5. The lions share of cash (>USD45m) was last seen in PMC ... sadly 
6. Hard to work out what is currently happening ... PMC has stopped paying MMPRC (the miller) but supposedly PMC (the miner) is still operating. Certainly everybody has stopped paying X64.
7. Mahusey et.al are registered with the local Securties as owners of the shares and indeed board members. There is a stay on all this SEC until the ownership issue is resolved.
I wonder whether the directors of MMPRC and KTDL have managed to restore cash flows to/from PMC? I wonder whether the directors have started recovery actions against PMC?
I'll read it all again tomorrow I suppose.
Have a great day
(20min delay)