bouncing back buyers are flooding in now , page-28

Weststiger its a complicated issue so I can see why there is a lot of confusion around, especially because not many people have bothered to read the 384 page judgement.

I read through the judgment last night. You dont actually need to read the whole thing - most of it is devoted to proving up various points of law, such as proving that Grimaldi was a director or de facto director of CHM - I dont think anyone is disputing most of that.

The main section you want to read is the section that covers Relief i.e. compensation. If you're holding out for your calculation of 24% of $750 mil ($1 billion minus MMX's expenditure of say $250m), then you will definitely be disappointed.

The judge specifically explained in the judgment that the value of the Jack Hills tenement is not very much on its own. What created the value is MMX's expenditure... skill, capital and a bit of luck etc.

You're correct that CHM's right to "income" from Jack Hills may be judged to include capital gain. But capital gain on an asset that was basically worthless without the improvements undertaken by MMX, will not be very much capital gain.

Yes maybe they'll get a bit more than the few hundred thousand they invested, because iron ore prices have gone up a lot etc. But if Jack Hills was an unexplored and undeveloped iron ore tenement today, it would not be worth anything near the value of MMX....not even a fraction. Many people are also forgetting that a significant portion of MMX's value comes from winning the Oakajee port and rail bid, in which CHM has no claim.

The finer points around the calculation of the payout are probably still of relevance to CHM shareholders. But it has ceased to be an issue of any relevance to MMX holders as the payout will be such a tiny proportion of MMX's worth.