Agree. Definitely seems like we needed a much more qualified and...

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06/02/23

21:32

Post #: 66105389
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Originally posted by manny100: ↑

Management and the BOD were good at talking Morila up but clearly had no idea when it came to cash and project management.
From memory a Quarter or so before the wheels fell off the Cash Flow showed 1 quarter of cash left. I noticed it but fell for the we will be cash flow positive soon. To late now. Obviously FFX had no idea.
Did FFX fall on its sword to protect the spin off? I do not think so i just think it was a huge stuff up.
There was the Sanctions and COVID but that should have been managed just like other businesses managed.
How they could have been $100 or so mill out on their costing beggers belief.
How they did not know money was running out and allow contractors to build up huge costs is head banging stuff.
TBH it all smells of incompetence.
Its laughable to think the FFX had an agreement with LLL to handle certain financials.
Probably started with Doc Cowden not being on the ball and not recruiting a CEO with proven business building skills plus Budgeting skills.
Still i cannot change what has happened and am now focusing on getting a maximised return.
The highest probability return IMO is return of LLL out of escrow returns.
I have faith in the LLL BOD and management to drive good returns.

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Agree. Definitely seems like we needed a much more qualified and experienced MD. We would likely be still listed and doing ok if we had the right management IMO - as you imply in your post.

It does reinforce that there are two things you need in a resource company to be successful; good projects and good management.

The tough part for me has always been trying to pick the good management outfits.

FFX Price at posting: 20.0¢ Sentiment: None Disclosure: Held
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