The two cheques issued are part of the "hard evidence" some wanted. This is part of the overall manner funds were assembled to buy assets by Barnes and Grimaldi and others using their positions in CHM and Nicu (now MMX) according to the case.
THe IO assets are owned by Crosslands which is a 50/50 vehicle and also a co-defendent co-owned by Mitsubishi.
It is the Crossland shares held by MMX that CHM are after. Government wouldnt care how the 50% of Crosslands shares not owned by Mitsubishi were held.
Any work on the IO assets is done through this company and if MMX lost and were forced to hand over some or all of the Crossland shares this entity continues on. The issue of the minister awarding back to MMX doesnt come into it as they wont leave the company.
Ultimately the driving force is Mitsubishi as 160 million will not get this stage 2 mine started.
MMX would still have 50% of Port vehicle and its Pilbara assets if the worst case senario happened
Do I think that the judge wound hand over all the shares - no I dont think so.
But I beleive he would award some ownership and has the ability to also "punish" the entity that carried out the tramsactions.
This punishment will come down to a view of once all this started to come out did the current board try to deal with the past issues or try and brush them under the carpet.
In other words MMX treads on dangerous ground if what is alleged to have taken place did if fact take place. Given the statements made to the market place over time which have also been cleverly worded and to me the meaning has changed dramatically through each announcement.
Well done to all the boys and girls? who made the news. You have been like the loyal footy fans turning up to scream for your team for so long and cracked a mention in national press for your perserverence.
You might notice I have moved to a buy on MMX. Everything about this says settle which will be some cash, costs plus more stock.
For MMX shareholders just look at it like you were the handsome son whose slightly crazy parents showered with all the family jewels.
Not only did the parents not give anything to the ugly other son already dazed from thinking he owned a non existent Chilean copper mine. But worse they also threw him in the sea of liquidation.
Sadly for the handsome son even though those crazy parents are off on some new adventure the ugly brother got rescued (and dont say by buccanears !!) and with the help of the rescuer's is coming back to claim what he believes belongs to him.
MMX Price at posting:
$1.33 Sentiment: Buy Disclosure: Not Held
