every body needs to assume the brace position. all the cash and...

every body needs to assume the brace position. all the cash and spoils are headed to Raul under the careful navigation of our fearless directors. heavens knows what back door dealings are afoot.

a couple of things:

1. the directors (and not the administrators) should be focusing on all things ... not just the creditors. however, management is so convoluted that its exclusive focus is creditors and closing out Welker issues.

2. MMPRC is 90% owned by X64 Ltd. That has never been denied. Notably, PMC owes MMPRC circa US$250m. Yet the directors of X64 Ltd have never recognised this. Indeed, everything afoot looks to be about about forgiving that debt.

3. It is interesting that the directors feel competent enough to dismiss current court proceedings. "... it is not clear that the Board of X64 had the power to pass anyresolutions in respect of PMC, including the removal and replacement of Mr Villanueva asPMC’s President and Director..." I think what this implies is (a) the 40% shareholding is powerless; (b) the shares held by Mahusey were not bought and sold as contemplated by Mahusey; (c) that Raul is a person that the current X64 Limited can relate to. Birds of a feather I suppose.

So sad. The abyss awaits