Arbitration Hearing Looming, page-58

I am still following this even though I have no skin in the game. Without taking sides I would like to say it is a requirement of the Vic Supreme court, in matters such as this, to go to arbitration first. Many cases are sorted at that level and do not take up the courts valuable time. The question comes down to whether there was a change of ownership and it is clear Billis was paying all the bills of GPR. He has to establish Giovinazzo was not the owner of GPR. The court could rule this either way. In a technical sense Giovinazzo was, on paper only the owner, but he had no money of his own and relied on Billis entities to provide all operating capital. The court found in favour of Billis already and asserted he was the real owner of GPR. Giovinazzo was a defacto owner for want of a better term and that may be a critical point.

I see issues on both sides and it is not clear cut in any terms. Arbitration may not resolve anything so my advice is to not put too much weight on it. In saying that there is a chance it may but not if one party believes it has a significant upper hand. There must be some reason RIM wants Billis out after knowingly taking all that money from him with the prospect of more if the relationship continued. I still find it difficult to understand how RIM got itself involved with Giovinazzo when the simplest of due diligence tasks with online information would disclose his past.

I do think there is much more going on behind the scenes that shareholders are not privy to. Mining is risky and investing in mining even more so. I hope things work out for the best.