I recently saw a post here regarding the use of Bergen and the...

I recently saw a post here regarding the use of Bergen and the benefit on the court case.
First have a read of this…
“Axiom was successful in obtaining a binding court order ruling on a date for the commencement of the trial, after Sumitomo refused to accept the 20 February date or agree to the preliminary questions. This date is now set at 22 March 2012…” (Dec ’11 Quarterly report released 31/1/12 to the ASX)
Last November the Court of Appeal suggested the case be expedited and go to preliminary questions to hopefully bring a quick resolution. Unfortunately back then the Court of Appeal judges did not have as much evidence and/or even some pleadings and as such couldn’t remove the interim injunction - well played by the Japs !
Axiom has wanted all along to get the case focussed on clear points to get it resolved and Sumitomo the opposite.
You can see by the above statement this is the case. In actually fact it shows that Axiom had to actually go to court to get Sumitomo to turn up to their own High Court case ! Amazing !
Now just before the 22 March hearing Axiom bring Bergen into the picture for a “$8.2m funding package”
Then all of a sudden Sumitomo agrees, just a week before the trial, to accept preliminary questions – what a coincidence!!!
If a company can go the distance in a trial or like proceedings the other party will bare more risk in having a procedural unfairness ruling on them (if that is happening). (For a Company owned by the Jap Govt. this would not look good). But if a Co. doesn’t go the distance in a trial who is around to make such a claim?
I also saw a post here many months ago at the time of the preliminary questions hearing that the questions were brought down from 21 to 5 – well that will be a clear win for us. The smaller the amount of questions the more likely resolved quickly.
Even thou this hearing didn’t rule in our favour it got the case focussed on keys issues as well as getting Sumitomo to put on their pleadings and evidence on these key matters – Now this will be all before the Court of Appeal judges so they can make a more informed judgement. Appeal judges in this jurisdiction get their documentation well in advance.
Soooooooooo…was Bergen of use – I think so ! a great strategic move.
Now who says Bergen are still with us? The last time we issued them stock in exchange for case was on a cleansing notice 20/7/12 – we all know they sell shares each month they get so to reload the next month. Not good I know but that is fact.
There was a cleansing statement on 1/8/12 but this was for Bergen shares from the conversion of their Convertible securities. This was a day after the crossing went through the market for around the same amount of shares – Bergen are OUT.
Has the company issued them anymore stock since 20/7/12? I can’t see so.?
The Company just raised Capital via traditional placement with out Bergen’s involvement.
Maybe since Axiom now have the structure, evidence, pleadings and ruling and Appeal date set they feel confident to go it ‘alone’.