I humbly bow in the presence of greater classical wisdom ... the only thing I remember of Aristotle was his classiification of mankind into two categories viz "Greeks and barbarians" and I picked that up in the movies haha. So glad to see u here again Nestor.
Agree with yr analysis and this is the MO in progress. Who knows where it will lead to but u can see some major issues in focus here which extend to the heart of ozzie regulations even if only on moral or ethical reasons. Governments have been brought down for less.
So yes, personal submissions to the administrators so far may only be nuisance value I guess but it brings awareness that this situation is potentially a bit more "complex" than your usual case and there may be some serious conflict of interest at the least.
Shareholders should not be afraid to express their "unprejudiced" concerns to the administrators to press home this point.
Am surprised no acknowledgment of receipt of submissions has yet been received from them so it "raises the question" whether they too may be subject to possible future legal claim for some kind of "negligence" ... relating to settling with current creditors without considering individual submissions based the "inadequacy" concerns?
Meantime while we ponder all these, legal action is indeed being sought by the faithful crusaders who are prepared to make a national or even international issue of this and if some class action is considered useful, I am sure it will be taken. I even have "civilised" neighbours who are keen to go further ... old warriors who want to march with their dusty spears on any "barbarians" who now tempt Zeus.
I would also love to know what the major shareholders left out in the cold think about this ... Josh Pitt, Harbinger, even any past directors and employees ... Huntleys and other past analysts .... and whether they would participate in any action to prevent a tragic Ozzie loss?
Do you realise that for a few peanuts, HNC is now staring at the possibility being the world's # 1 primary LEAD producer from OUR Ozzie farm ? ....... a far cry from the "billion dollar JV commitment" to produce metal here and which IMO has been a furphy from day 1, given the obvious (to me) disadvantages cf to concentrates-only producers. Thats another long term sore point with me ... opinion of course.
Secured creditors should of course be dealt with now and the 9 mill in the kitty should be more than adequate for that. What irks me is that the vultures now standing over our still warm body are ALL FOREIGN entities, YET AT NO TIME were the ORDINARY SHAREHOLDERS ALERTED OR ASKED TO CONTRIBUTE to save their company from this insulting state ...
... Why was there no issue / placement made to PREVENT the Cornell death spiral from a buck or so ... maybe the bleeding could have been checked then with some REAL leadership. By Zeus even I bloodied my nose 6 times from 160 - 52 inspired by Leonidas' deeds !
Hence I would also like to see record of short selling since 2008 AGM and which would have added to the downpressure of the Cornell death spiral leading to the opportunity now created for foreigners. Unfortunately reckon most of that SS would have been foreign and probably not traceable.
If from the 2008 AGM I had set out to rape and pillage a vulnerable company I could not have done a better job than what this series of "accidental" events finally created .... under our noses and even to our surprise ..... I mean right up to the day before the EGM it SEEMED we were on the verge of equitising the majority of our debt at a price multiples of our market share price ... even THAT point "raises the question" as to WHY our share price was so LOW considering.
I am an engineer and am very aware of Murphy's law but reckon even Murphy would be "raising the question" of the probability of such series of accidental events all compounding to bring us here, and given at no time shareholders were asked to assist or seemed even concerned about any possibility of VA being called.
FOOD FOR THOUGHT and WITHOUT PREJUDICE all the above ... I just want to know the COMPLETE TRUTH ... something we have expressed concern about in here since 2007.
Meanwhile that NT opposition leader's suggestion that the GOVERNMENT should provide any necessary survival funding to ensure such great assets are kept in OZZIE hands for our NATION's FUTURE, per indefinite non-interest bearing LOANS, should be another avenue to explore by our Ozzie administrators ... do they know of a future fund and would they move down that path as an option?
Feels like the rug has been pulled from beneath our feet and hence "raises" many questions which most of us would like to see satisfactorily answered instead of bending over and inviting the "fates" ... all three of them !
And so far as HNC are concerned ... reckon they have blown their "friendly face" so far as ozzie investors are concerned and am sure it will work against them in the future here. But thats no consolation for us who have blown our futures here.
Opinions brothers ...
In my biased opinion only of course (IMBOOC)
CMR Price at posting:
15.0¢ Sentiment: None Disclosure: Held
