ifca deal, page-2

It is beyond Optimix’s IQ capacity to understand what a condition precedent is. Even when the “chicken and egg” had gone. Wow, the money is in the escrow account and Williams is too modest to announce it! LOL

He refused or is too thick to recognize that Williams had indeed announced the IFCA deal is dead, except it was coated in Teflon so that Optimix can ruminate and spruik CMQ like he did.
QUOTING TEFLON: “CMQ sought that the variations be granted SO THAT THE SUBSCRIPTION AGREEMENT WOULD BECOME EFFECTIVE and to enable CMQ to proceed. The subscription agreement WAS CONDITIONAL ON such an order being obtained.
The board of CMQ IS DISSAPOINTED WITH THE OUTCOME OF THE APPLICATION”.

As a qualified legal practitioner, David Williams chose his phrases very carefully(and he knows how to make it clear if he wants to)!. Looking at the announcements under DW’s tenure, he had taken it to an art form. DW even reported the sacking of key production personel improved CMQ’s position as it moved from research into commercialisation! Bad news appeared like good news in the Teflon era.

Anyone who understand what a condition precedent (except Optimix whose head is buried in chemeq) knew the TEFLON means in plain language: “We fail to obtain the court approval and the subscription agreement is now dead/not effective”. And “IFCA has not put forward any new proposal”.

The bigger picture is why was the IFCA deal framed in the manner that allowed IFCA to walk away at will?
The HC Id!ot spruiking the DW line: “The fact that it did not want to give IFCA the opportunity to commence due diligence shows it was not interested in having its bonds paid out”. LOL. There is nothing preventing IFCA from due diligence or to deposit the $60M into an escrow account!
Is the IFCA lifeline deal a hatched identical twin of the infamous Inviro life time sale deal?

In addition to the dubious way the deal was framed, IFCA/CMQ COULD NOT produce evidence to satisfy the court it can secure the funds and THIS IS A FACT!
The private equity groups that bid for QAN, APN and others ALWAYS produce credible evidence that they have or can secure fundings. What did IFCA bring to court? Why should the court or Stark believe it on the ground that IFCA told Williams they can get the funds? To reinforce this point, “did Mr Williams announced the Inviro deal was not financed by CMQ and it had achieved the sale price?”.

Optimix, spare us the hero/villain stories.