amazing, page-30

Thorin I wasn't arguing about what vanmag cash was being used for. Just saying that the failure to sell vanmag wasn't really the reason for not repaying mashalla in the first place. As for the vanmag sale, I can understand why people went on about it. For four years they kept saying it would settle. They even said settlement was guaranteed by a bank at one point.

I don't think you could say about any company that it could run out of cash tomorrow. I certainly don't think its defamatory repeating what they said about he cash situation at that meeting. It would be hard to explain it in more bleak terms than they did themselves that day. And yet the next day when asked by the ASX why the stock was crashing, they said nothing going on. Doesn't it make you feel a bit uncomfortable about how they communicate to investors? If someone hadn't secretly recorded the meeting, very few investors would have any idea about what was going on with the holdco cash situation.

Regarding you last post, I can understand your view. Perhaps things have gone as well as could have been expected since the meeting and the crisis has been averted. The first sign of that was when Brewer was made CFO. I'm sure he wouldn't have take that position if it about to fall over. I can' see anyone providing holdco debt to refi the convert or pay the royalties but maybe something can be sold. I can't see what has any value myself but maybe that's where I'll be proved wrong. Although, even if that happens I still struggle to see how CCC is particularly cheap when you consider it on an enterprise value basis.

On valuation, I didn't follow up on the some of the comments about the brokers report. I will try and take a little more time to look at that. I would say though that the brokers valuations generally are simply flawed. When the second to last report came out, I sent a note the analyst's boss pointing that out. He thanked me but didn't pull the report, although I presume they wont continue coverage, there has been no update since. Although analyst reports are always subject to institutional bias, I don't think they are deliberately misleading. Its just that these small caps get covered by junior analysts and their understanding of accounting is just not good enough. Even many of the older analysts on the sell side aren't much more than marketing guys in my view.