late cheque again, page-2

mmm brownbag

I said this about 1 week ago on a post here.

"I wonder how much payment procrastination has gone on recently in and out of Charters Towers. Very common in situations like this. Debts building up this way could be a worry if there is a nasty call by a group of creditors."


I wonder how many took me seriously.
CTO have to give an update on future funding and where they stand. They may have the funding sorted out but we need it spelt out.
City Pacific which controlled a billion dollars in assets crashed into administration when a small creditor(less than $100,000) got nasty, took legal action and couldn't be paid because they were caught low on cash at a bad time.
The tragedy there is that the properties siezed by City Pacific and the administrators from defaulting developers will soon be worth more than the money owed. Lets hope this Eldorado mine (warrior) is worth as much as they say and CTO can claw thier way out but the timbers are creaking and groaning in this mine.