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clock Created with Sketch. 07/06/15
08:45
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Originally posted by samfiodiving
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OM OMs POINT POST OMs POST BELOW Dated 24/2/15 For those that didn't know. Our JV partners Mercus have been in VIC Federal Court since last year, suing IEPL (Industrial Energy Pty Ltd) and subsidiary, HRL, (the owner of Energy Brix & Morwell Briquette factory) for a sum in excess of $9 million. This includes $3.73 million for ownership of the stockpile remaining on the premises and $5.75 million for non-payment of service fees during Mecrus' contract to run the factory."If Mecrus was paid for the stockpile as it sought in September 2014 its financial position would be improved by about $3.7 million, and there would be no question that it was able to satisfy an adverse costs order if it was unsuccessful in the litigation. As I have said, my preliminary view is that Mecrus enjoys better than reasonable prospects of success in its Stockpile claim ..." Take the time to read paragraphs 46, 47 of Justice Murphy's ruling. OM Dont take to much time out LOVE YOUR WORK JWS now your up to speed GO GO GO ESI
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" What does this have to do with ECT? Well, Mecrus spent $3 million rebuilding the briquette factory from its ashes. Would IEPL prefer to hand over millions of $$$ in cash to our JV partner, or would they prefer part payment in the form of a mothballed factory (Coldry plant)? "
(20min delay)