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11:42
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Originally posted by Srikandi
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Greg, Has anyone seen any provisioning in the accounts that would allow for an untoward outcome in the litigation? Perhaps a little contingency just a smidge ,Disclosure, Corporate Governance statements to be real need to be acted upon I guess? Any idea of what we have paid the lawyers to date , might be nice to know. The scoundrels have a judgement against them for around $1.3 million plus interest, I heard from a little. bird that Jones and his lot have racked up around $1.0 mills so I am guessing we have done the same ? If so what is the point seems circa $2.0 mills to get $1.3 mills is a bad proposition and Jones looks as though he is bankrupt at least that's what News Limited reports .Seems like he will lose his home ! And To the bank ! Not us ! so who governed this sought of silliness. Seems we paid about $50 k to lawyers , last quarter for what ? What did they do for it? Perhaps company secretarial compliance ? Governance ?How will a potential partner view such management ? Oh well I guess it won't matter they will( if they can be found) just want the IP if anything . Goodness knows no one would want the company ... With all its skeletons ? So the cash from any deal if it happens will go into the company. Let's hope the cash exceeds the market cap ? I suppose a little liberal NPV of any royalty stream will give it a kick along ? No cash to back it though? Ah smoke and mirrors where would we be without these reliable little corporate helpers eh ?
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The idea of provisioning for an averse outcome from the litigation is ludicrous. Four top judges have found absolutely against Jones and his cronies, and also found that they were deliberately dishonest. Jones lost all his court actions in this matter, more than ten from memory. There is zero chance that Jones will get leave to appeal to the High Court, let alone a favourable verdict after a hearing. We must hear that Jones application for leave has been refused shortly. I don't know who Sirikandi is, but only someone as silly as Jones would write such rubbish.
(20min delay)