Originally posted by LairyContrary
I started today reading great news on MIN, which finished 26.5% up! Happy days! Boom! Then RCR kicked me up the a with potentially a 100% write off... One step forward, four steps backward. The only hope we might have, is that they can trade out of administration. I have been in that position before as a Purchasing Manager; albeit a much smaller engineering company, but even though it was very difficult, we did do it. Not trying to get anyone's hope up, just clinging to a slither of a chance...
Lairy.
Same here.
I had topped up with some MIN at $12.45 the previous day and I was starting to feel a little cheered up this morning with MIN over $15, especially after the shellacing I had received the previous day.
And then I noticed the announcement for RCR.
$60k and change, the sad remains of an already beaten down investment, now completely down the drain.
I have no expectation of seeing a penny of this money. However, if the hole in RCR's funds is as big as the events suggest and as big as some people here are suggesting, then there had to be something wrong with the accounts that were signed off in the annual report. Somebody has screwed up appallingly and they should be held to account. Taking away all their money and turning them out in the street with only their underpants to their name would be a good start.
This is from page 11 of the update issued by RCR on 28 Aug 2018.
• The Procurement Control issuesidentified at the Project are notsystemic within RCR
• The Project is expected tocomplete in line with current costestimates
I posted the following back in June when RCR got the contract with Melbourne Water. To me it is all of a piece with what has happened. I wonder what Melbourne water think of their selection criteria now. Melbourne Water are probably oblivious and totally unfazed. If they accurately assessed that they were peas in a pod with RCR it doesn't say much for Melbourne Water.
'OMG 
Inter alia, the criteria for selecting the contractors included this gem in the link that Penny Pincher found."During Melbourne Water’s selection process, there was a strong focus on social procurement, which required all applicants to complete Hudson Safety Culture surveys and personality tests to identify cultural alignment.The JV was selected after demonstrating the ability to meet this requirement, which includes showing commitment to business integrity, diversity, inclusion and reconciliation as well engineering and construction expertise, approach to safety, capability and cost."
The lunatics are definitely in charge of the asylum at Melbourne Water or perhaps they have been drinking their own water.' 
Cheers
