All i am not fussed i think it is actually good news as it brings some certainty that a decision will be made.
The parent company of MCC has provided a guarantee for the payment. This means that if the court decide that CFE is entitled to the payment then MCC is in default and penalty interest plus the $80,000,000 will be awarded and costs.
IN a nut shell if MCC cant pay then their companies both the purchasing entity for lady annie and the MCC mother company which provided the guarantee will be forced to liquidate their assets. If they dont then a court appointed liquidator will.
I am sure this would not be something MCC want to do as they would have paid a lot of stamp duty just to buy Lady Annie plus it is an asset they would likely want to keep
Does anyone know how long a court proceeding like this will likely take
I for one am excited. TOny Sage loves a fight and i feel like watching one!
CFE Price at posting:
37.0¢ Sentiment: None Disclosure: Not Held
