Ann: Notice of General Meeting/Proxy Form , page-21

Bernie,
I feel your pain.
Sometimes you just need to get out and move on

It was 1998.
I could see the end of dotcom, and I figured minerals was the next big boom.
A bluechip Pasminco caught my eye.
Bluechips don't go broke right!
Pasminco had been around for over 100 years, it wasn't going away right!
Zinc and lead inventories were falling, and demand was increasing. The long term picture was very positive.
Pasminco had a number of large mines and the largest lead zinc smelter in the southern hemisphere.
When minerals take off again I will be on a winner!

I was way overweight in Pasminco, as the price declined I averaged down convinced bluechips don't go broke and that the coming minerals boom will save me.

The price continued to fall.
Things I didn't really understand back then were hedging, the effects of currency changes and the value of good management.

When the severity of their hedging problems dawned on me, how poor their finances were and how idiotic management was, I bailed at a significant loss.
The share price continued to fall and the company went into administration.

2 years later the company was rebirthed as Zinifex and became a market darling.

My theory was right. The minerals boom would make a company like Pasminco a great investment. But idiotic management totally blew it.

It was an expensive lesson, and one I have never repeated.

Even the best companies will go broke if you can find a big enough idiot to run it.

Study the finances of Marion long and hard because they remain in serious trouble.

Like Pasminco and Zinifex this company needs rebirthing

Debts wiped, three stooges replaced with decent management, maybe then Clear Creek, will become profitable.
But that means shareholders will lose everything.

At the moment this is a zombie company.
It walks the earth with no soul, and consumes slow moving investors. Its not dead, but its not alive either.

Your lovely maid Marion that you were once in love with is "undead".

I think your choices are now to chop the zombies head off with a shovel, or to run away.

Chopping the Zombies head off means attacking management, and possibly ending the company.
Or running away (selling)

Maid Marion is a zombie, and no matter what you do, you will not bring her back to life.

Stop Grieving...
Now where is that shovel.