Ann: Arbitration Notice, page-98

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pier1

842 Posts.

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29/05/24

13:48

Post #: 74064165
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Originally posted by manny100 ↑

Agree but FFX will IMO likely sit on their hands until the Settlement is signed off. Then they will likely sit on their hands until the Arbitration is either settled or finalised. They should hold a meeting ASAP. If in the meantime the International Court prevents FFX dealing with assets so be it. However, doing nothing and making no decisions unless forced is the tried and true secret to bum covering.
17.6% of the LLL settlement proceeds will find their way to the FFX bank account should the shares not be distributed. IMO its odds on that the shares will not be distributed. Its also odds on that other creditors will join in arbitration when they see the available assets.
According to the failed CR documents total FFX creditors at the time were circa $A57.2 mill, say $A60mill. 17.6% of the LLL settlement will be a lot more than $60mill.
So i suspect a lot more crap is to come.
Its odds on that EGTF were briefed by Mali and supplied with documents etc to support their case. Its not as cut and dried as legal separation. We saw with with the FFX/LLL legal separation how law and reality become mixed. In Court a consideration will be how FFX presented themselves to the creditor.
How many FFX holders believed that FFX was running the show? Probably most.
Sounds negative but negative is how its all panned out so far.
On the front foot would be a far better strategy but that will not happen.

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FFX should under no circumstances pay the $11.5M to LLL until a full and unconditional release of all and any hypothetical claims against FFX.
VOTE NO
FFX should under no circumstances complete sale of Morila SA to Sorem SA until a full and unconditional release to all and any hypothetical claims against FFX.
VOTE NO

FFX Price at posting: 20.0¢ Sentiment: Hold Disclosure: Held
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