time to burn, page-4

An open letter to all MBN shareholders:

Well the news is finally out and it is just what I expected, absolutely no prize here for guessing the outcome and really it is what you should have expected too. All the cookies have been eaten out of this cookie jar and it is now either stone motherless empty or heading that way at a great rate of knots. In fairness to the company, you cannot say you were not warned. MBN stated categorically several times last year that it was in ongoing talks/negotiations to carry on as a going concern, but could absolutely guarantee one thing and one thing only and that was nothing. It never claimed anything in terms of continuing as an ongoing concern, it was utterly contingent upon sufficient funding and could not say this was ever going to be forthcoming and never did say so. A share price of 1.6 cents at suspension with a 0.8 cent all time low should have told anyone here with half a brain that MBN's situation was dire to put it mildly. I'm certain though that many of you thought that you had stumbled upon 'an absolute bargain' down at these "prices" and because I believe this it has to be true, it's a flamin' bargain!!!. It must have galled those of you who bought MBN very late that final trading week that what you thought was a great deal turned out to be suspended shares that you now had to settle on! Now you may have a case there, but you should have realised the risk attendant here. Mining shares are very high risk/high reward investments anyway that must be bought at the right time in the cycle to reward the holder all other things being equal. They are absolutely not for the faint of heart. I know that it should have ended differently for all of us, myself included as an ex-shareholder, but it has not and until and unless anyone can prove that MBN is legally liable for this state of affairs, 'caveat emptor' is the phrase of the day. You can do what you wish and knowing some of the posters here on this site you will, but you may well be throwing good money after bad at this point with further legal actions. I understand your anger and disappointment with MBN's decision, who wouldn't be, but seriously, what choice did they have? They owe money, very big money to their bondholders, who are first in the queue to be paid, equity holders carry the vast majority of risk, folks, get real, this company is, has been, and continues to hemorrhage cash like a stuck pig and any nickel price below USD10/lb is not sufficient to save this bow-wow. MBN is NOT calling the shots anymore, full stop. Use wise judgement before you do something simply in anger and hurt that may simply end up costing you more than this little misadventure already has. By all means check out your legal options, it behooves you to do so, Dubious Dan looks like he's taking the lead here, however it looks like to me that you've just become members of the 'zero club' with this little beauty. MBN might send you a pretty stock certificate, but if Allco and Babcock and Brown are anything to go by, don't count on it. I'm still waiting for mine five years after that wonderful event, so do not hold your breath for this, these companies all have form.