supreme ct tues 9.30 wst, page-13

Hi asf

I of course have concerns as we all do however I believe the resolution of issues may be a blessing for the company and share holders.
A couple of points worthy of consideration with this mess and in no particular order.

1. How can the company (directors) sue WS for damages. a) they have stuff all funds and b) there has been no profits so no loss of profits by him cancelling the IP license. There is no future profits because the company are attempting to sell off all the equipment and have sacked all the staff.
2. It is known that Matt Birney is wanting to return to state politics so this could be potentially damaging if it gets out of hand and they lose.
3. There will be nothing gained by the directors in going to court when legal evidence suggests they will lose. WS lawyer James Scovell has somewhat of a decent reputation.
http://www.theaustralian.com.au/business/mining-energy/asic-slammed-in-court-loss-against-fortescue-metals/story-e6frg9df-1225813311911
4. I am optimistic because if this board is replaced and we replace it with a borad that is experienced in the industry I believe that we can start earning revenue almost immediately.
5. If such a board can be demonstrated then the likelyhood of a cornerstone investor increases and more rigs can be built without having to do small cap raises often which always demoralise the share price even if temporary.
6. I think there is opportunity for the CLRS to have its own focus without having conflict with the drilling side of the business.
7. Yes...I am optimistic but we aren't over the line yet. We need an EGM and the board removed as a first step and for that to happen we need all investors sharing the one vision.