Tomboys Creditors Meeting Report, page-227

"I disagree there because Jantimot first comes in and stated that they burnt 115M in cash since mid last year which I debunked it by saying that they only received borrowing of 55M so basically hasn't done no DD and start posting comments (it's not like we haven't done our own DD before investing)."

I never, ever said anything like that. I know they only borrowed ~$50m. BUT, on appt of the VA the face value became payable, which is $115m (plus interest). Whatever your DD might show (and an inability to read what I post might mean that your DD is equally inaccurate) the company IS technically in default on the notes. It's there in black and white. Any debate is wishful thinking.

Firstly, no, you are not the messiah. I think you are a very naughty boy, as I believe some basic DD on the details you have provided about yourself on HC will reveal.

Secondly, you, Wellington, BCEE, and lots of others got it wrong. That's the market for you. Better luck next time.

Thirdly, attending the meetings is good to the extent that, at the AGM for example, you aren't blinded by confirmation bias. Plus I suggest that unless you have some basic legal and accounting knowledge you may not understand fully the points that are being put across at those meetings.

Fourthly, you are stating your opinions as facts. There is no similarity between IOOF and MBN. You are definitely offering a false hope on that basis!

Fifthly, here are some excerpts from the set of financial reports for Q1 2015 issued on 28th May 2015. This document was produced entirely at the company's discretion. There was no requirement from the ASX for them to do so.

"Unaudited Condensed Interim Consolidated Financial Report
For the three months ended 31 March 2015
(prepared on the basis that material uncertainties raise significant doubt upon the Company’s ability to continue as a going concern – refer Note 2 and Note 3(e))"

The part in italics was repeated, in italics, at the top of each page (apart from the contents page) of the report. So they said it 21 times in total. Here's part of note 2:

"The Board’s assessment that the going concern basis of preparation is appropriate for the next 12 months is based on the cashflow forecasts and sensitivities performed by the Company. The Board is relying on the approved new mine plan and should one or more of the key assumptions contained in that new mine plan, particularly the realised nickel price and production assumptions, not be achieved, there may be material uncertainty that could give rise to significant doubt about the ability of the Group to realise its assets and settle its obligations in an orderly manner over the period required and at the amounts stated in the financial report.
Reference should also be made to Note 3(e) in terms of the going concern basis of preparation."

Here's part of note 3(e):

"The Board’s assessment that the going concern basis of preparation is appropriate for the next 12 months is based on the cashflow forecasts and sensitivities performed by the Company. The forecasts used are dependent on the achievement of production in accordance with the new approved mine plan, commercial pricing, along with the stability of the nickel prices and foreign exchange rates to consensus views. Should the operations not successfully achieve forecast production, commercial prices, forecast nickel prices and foreign exchange assumptions not be achieved, the Group will be required to source additional funds through debt or equity markets or a combination of both and/or a sell-down of assets."

IMO, unless they did so in full recognition of the risks involved and accepted that their whole investment was at risk, nobody who remained invested in this company after the directors voluntarily issued this document can be regarded as particularly "clever and sensible people", especially as the NP continued to slide. Again, IMO this document goes a long way in protecting the directors against charges that they did not keep the market fully informed of the risks involved with MBN.

Sixthly, as a result of five, I think that a class action will be a waste of time and money. I would suggest to anyone contemplating taking part in one that they obtain their own legal advice before parting with any contributions to it.

Seventhly, well, you're welcome to your diatribe. Personally I think a far less emotional approach will benefit all involved.