2 + 2 = 5?, page-9

My point was clear I thought and no I don't like Aussie assets being sold to foreigners on the cheap. Our current account balance of payments gets worse every year because all the "dividends" from profitable Oz operations get sent overseas to increasingly foreign owners. However there is very little we can do about it because we live in a global world and others invest in our comapnies as we do in theirs. Our crime is selling shares for very short term gain because our funds and insto's have a short term investment mentality that frankly permeates virtually our entire national psyche.

The hypocrisy in "national interest" posting here is clear. Don't make me drag up all the posts going back over last year where you and others looked forward to and relied upon an HNC takeover for profit and certainty. By no means was this the entry rational for most but a HNC takeover all the way down was eagerly anticipated despite the fact CMR's assets would end up in foreign hands. When the takeover proved to be backdoor through receivership rather than AII style and financial loss hit home then suddenly foreign ownership was a crime against the state!

The Browns asset could have been foriegn owned if we dual listed on TSX as you advocated, o'seas players bought up big on market or HNC continued to fund CMR for increasing equity etc. The real beef here is not foreign ownership but an investment lost and the nasty taste it's left due to the horrendous mismanagement, disclosure and insider trading that borders on criminal. My post clearly objected to the sudden change in tune for the state to bail out shareholders now things are desperate and "socialise the losses" when all here were happy with the prospect of a HNC takeover to capitalise on the gains.

This thread lost any sembalance of debate long ago where holders only wanted to see the upside and gatekeepers of the thread drove out alternate views. Some think I come back to skite when the truth is I could have had a field day with many home truths and danced on more than a few graves but have not. I don't appologise for telling people to face up to thier own decisions.

A lot of the debate over misleading management conduct goes back to 2007 when the rot set in. However, the share price was sold down into the teens for the reasons that it is now in administration. The company was honest about the high cost of production and the very high metal prices required to be cashflow positive (everyone agreed 6 months ago it all hinged on metal prices). The company was honest about producing only a smidgeon of the nameplate copper capacity over 6 months. The company was honest about the Co-Ni circuit not working although the "optomistic" time frame kept moving out. The company was honest about needing more borrowed money from HNC to keep operating, going further and further into debt which those here chose to ignore. CMR was never going to be able to make cash in this recession and so relied on the generosity of creditors to stay solvent. That they were insolvent should'nt be a suprise to anybody.

Were games played and are the creditors looking out for themselves at shareholders expense... absolutely. Again, should this be a suprise.... absolutely not. Was the theatre surrounding a con-note conversion at 42c, suspension, one days trading and then plug-pull before EGm or quarterly accounts misleading.... absolutely. I feel sorry for those caught up (especially the last day buyers who were definitely sucker punched) but this stock had become a high risk gamble. That is why the share price was so low (and would have been a lower without the 42c con-note conversion red herring). Be angry, be pissed off with your own investment decisions and by all means go the management but don't ask for the country to pull you out of the poop now. If you sleep with dogs you'll wake up with flees.

As for LYC Oly, you continue to shrink in my opinion. Once a proud and forthright you now resort to slinging mud at other investments as if that somehow diminishes what I say here. I lay my bets down for all to see and get plenty wrong but at least I explain my reasoning and cop my losses on the chin. If you thought more about the content of my posts rather than who was posting perhaps you would be in less pain right now.

goodluck