General discussion, page-7780

Absolutely woeful take.

The hack clowns in management cannot have it both ways. You cannot blame the alleged horrible 'luck' of sanctions etc fouling up their amazing plans for glorious business profit when those same hacks themselves said there were NO issues from sanctions and everything was running according to plan.

They said themselves their new fleet was going to change everything. They said themselves cash flow positive operations were here. They said themselves they didn't have a "mandate" for further capital raisings. None of these things were true.

So none of their actual management plans "played out," ripping off regular holders for everything while those pigs trotted off into the sunset without a word. One of them actually took fistfuls of our cash for the privilege of ripping us off and leaving the company (and us by extensions) with tens of millions of dollars of debt we didn't even know about.

No this is not "business." This is incompetence of an extreme order. Highlighted by the fact that ASIC came after them harder on disclosure than I've seen them do with any other company I have ever held.

Even going with your argument that black swans like the sanctions were to blame, it is not necessarily the sanctions themselves that were the problem. No objective holder could really drag these fools over the coals for something clearly out of their control. It wasn't the sanctions that got us here, it was their actions in response to the sanctions that got us here.

There are many many scenarios where sanctions go on, POG goes down and FFX doesn't end up insolvent. In fact it was management's response to these issues including trying to cover it up that has netted us this result. Their decision to plow on in vain hope of achieving outputs for their own incentive deals (probably) by pouring hundreds of millions of dollars freshly raised from us into a money pit, while lying all the way about the true situation is the problem.

Take just for example, what is tragically a minor sideshow in this debacle, the millions of dollars wasted in a matter of days on the decision to spend millions of OUR money on the full allotment of LLL shares only for these idiots to turn around and sell them later for millions less.

Lastly, whenever questioned about the approach of raising yet more millions of our money for a * cash buffer post demerge * or whatever lame excuse was de rigueur that day, holders were always met with righteous indignation that these lords of business would be questioned on their actions in light of share price appreciation. That was it. That was number 1 at all times.

Well what's good for the goose and all that. In the end they were right, their management skills are represented in the state of the business and the current share price. Unfortunately we all have to pay with actual money for their actions. I'm not going to listen to a soliloquy of support for these hacks on top.