$3.6m Mansion in liquidation sale

It is not too often that you read anything about TMZ in the business section of The Australian. Today is an exception, on page 29 there is a mention of Thomson Resources in the article " $3.6m for gold promoter's mansion in liquidation sale."

To quote:

Mr Catsoulis said the house was being sold to support his other business endeavours. For the past few years Mr Catsoulis has been promoting gold and precious metals projects in PNG and Qld that he says are worth tens, if not hundreds of billions of dollars. The company promoting these projects, Warwick Gold Holdings, briefly has been placed into administration twice this year and is yet to legally be registered as the holder of Queensland tenements it agreed to acquire from listed company Thomson Resources for $3.5m last December.
Mr Catsoulis said the tenement package was "in the process of being transferred" and negative publicity from The Australian was in part to blame for delays. He said in August that Warwick Gold was considering a $250 a share buyout offer, which given the company has 8.9m shares would value it at $2.4bn. Warwicks main assets are the Twin Hills and Silver Spur projects in Qld, and a gold project in the Maprik region of PNG.
While Thomson was keen to offload the Qld projects because of their high holding costs and because they did not satisfy its "techno-economic valuation" process, Warwick claims to have identified the potential for a conservative estimate of a multi-million dollar resource.
Mr Catsoulis's fundraising activities are understood to be receiving scrutiny from ASIC.

Draw your on conclusions.

kippax