Ann: Appointment of receivers and managers, page-4

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GARETH78

7,716 Posts.

2740

30/08/19

17:38

Post #: 40250736
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Originally posted by Henry Walton: ↑

So weird this whole thing, I cannot imagine part of GXY plan was for care and maintenance.

Restarting is expensive costs us about $60million to get going and we still are not economical, shutting it all down starting from scratch it will cost them a hell of alot to restart it.

Ontop of that when you don't use things they tend to crack and break, seals come apart, things rust, this whole admin process could drag on and on I have seen some of them go on for years, the admin guys don't mind there should be plenty of money there to pay themselves.

It was way more optimal for them to secure a working operation while it was running, right now they are costing themselves alot of money the way they have gone about this, if they even get it.

Boy it would be sad if the boys out on site accidentally did a really poor job of shutting away everything down for the people who cost them their jobs.

I suspect not all has gone according to the grand plan for old GXY here, they might end up just as screwed as us.

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The BOD called in the administrators, not GXY. It is standard practice then for a secured creditor to assign a receiver.

GXY made some kind of proposal to Alita. The BOD made no reply to GXY, and instead put VA in place.

Thats what A40 holders should be questioning.

A40 Price at posting: 8.2¢ Sentiment: None Disclosure: Not Held
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