Ann: Trading Halt, page-405

Lots of Twiggy talk here... I was working for him at the time..... He was universally despised in WA over Anaconda going broke and he took everyone's super with it ...as he was such a good BS artist.

Then he got some crappy Iron Ore leases which BHP relinquished (low Fe content and widely dispersed) and spruiked to anyone who would listen that he was the next big thing.... no one trusted him as the mines were crap and they had no rail lines....This is the time the Secretary bought in..... it was a fart in a tin can....

Then the Chinese stepped in, they didn't want Fortescue to succeed necessarily they just wanted another player to increase competition. Twiggy spent all his money lobbying government and suing to get access to the rail lines of his competitors, and on the day of the judgement, bang! the share price went nuts....

So all this talk about this loyal secretary..... I knew her, she just bought the story none of us believed, as the fundamentals were bad and Twiggy was full of BS. Just very lucky that the Chinese chose him to be their competitive driver....then lucky the iron ore price thrived for a decade as he almost went broke with all the debt he was carrying....

Good luck beats good judgement every time.

Funny thing is now he is fighting others getting access to his train lines......great bloke that Twiggy