Good to see we have some legal beagles in here and outside working overtime overseeing CMR shareholders' side cos CMR certainly isnt. As u say the towel has been thrown in amidst too much fog and so many Qs need answering. Tho not convinced HNC didnt eye this from early in the game without some drooling as to what goodies lay for the taking. They could have been very friendly if they really wanted to.
Have been accused many times of maintaining a harsh attitude on HNC and without apology, tho yes, the onus lies firstly on CMR's imcompetence at the very least, right from the very beginning of such a POOR JV created from our side without flexibility for both to contribute to over-runs, and our corporate laws which can allow such a complete alien swoop of ozzie assets without any say from the real victims, the ozzie shareholders. Bit of a slap in the face tho to see Mr Bo sit on the AII (75% HNC owned) Board.
There needs be a complete overhaul of the system and I for one have not been silent on this issue with them who should be looking closely. If it wasnt for fact HNC are 40% PRC gov owned suspect we would have had some political intervention by now but we are dealing with sovereign issues here and hence federal policy re such ... major test issues for the opposition to jump on if they had any cajones.
Somewhere along the way suspect this will end up in the media as a test case of federal policy on national ownership issues, but meantime am last to want to appear as agitator, even tho my sense of fair play is screaming murder.
Lets see what the VA decides with claims in hand and how the RM reacts cos there are legal issues which may enCOMPASS the lot.
There is a substantial group of crusaders making much noise atm and prepared to take it to the limit cos of the insults inflicted methinks. I just keep thinking poor show the major holders went into hiding ... but then again they will have their own agendas to follow. I cant see JP or Harbinger for that matter sitting idle sayting taaa as they are politely raped and pillaged.
And re that DOCA, BT et al ... I would have thought that is a matter between the VA, EY/HNC and CREDITORS only. I dont see any room for shareholders to participate. Do you ?
IMBOOC AWOP
CMR Price at posting:
15.0¢ Sentiment: None Disclosure: Held
