re: Ann: Coretrack To Sue For Unlawful IP Lic... Coretrack...

re: Ann: Coretrack To Sue For Unlawful IP Lic... Coretrack purchased 100% of GT3000 from Strange Investments.

What I find hard to fathom (and no doubt the court case will sort things out) is the following extract taken from the CKK report to the ASX today on the subject topic.

"However, when it was discovered that the company that Mr Strange intended to use to take the rig overseas (Strada Energy Pty Ltd) was only recently set up, had a paid up capital of $2 and had only one director and shareholder – Mr Strange’s 22 year old son - Coretrack required a suitable guarantee in order to protect its assets. Mr Strange refused to provide one."

The above is a very strong statement IMO and if proven to be the case I would find it hard to have any confidence in WS.

Of course we shareholders will be the ones left holding and just wondering what happened to a potential bonanza in the mining industry. There may be more to this than meets the eye especially if the GT3000 is as good as it is supposed to be. WS may have regretted selling it so cheaply to Coretrack.

As for the current board I must say that in the investor presentation of November 2011 that they gave the GT3000 a prominent position ahead of CLRS.

Sad days ahead for all of us CKK investors if this saga continues.