CLE 0.00% 0.1¢ cyclone metals limited

You should follow the history of a couple of TS's stable of...

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    You should follow the history of a couple of TS's stable of companies:
    KPR for one. KPR was the renamed CHM which won a claim of $25m from a matter against Murchison Minerals (MMI) for the misappropriation of mining leases and involved a bloke called Philip Grimaldi. This case is now taught in law schools as what not to do as a director/quasi director. Think Clive.
    Grimaldi was pursued by KPR for millions, but went in bankruptcy to avoid paying money to KPR.
    CHM/KPR had a contract with ILP (a litigation funder) to fund a claim against MMI, but CFE became involved and proposed to fund the MMI matter by lending $6m to CHM/KPR, to the exclusion of ILP.
    KPR then bought into a manganese company on West Timor using $10m of the $25m. East Timor has the highest grade Mg in the world at over 49%.
    CFE was paid $6m for supposedly loaning the $6m to CHM/KPR. However the CHM/KPR liquidator did a review of the finances and found that CFE was not entitled to the money as it had not lent the money to CHM/KPR and this is reported by the liquidator.
    ILP sued KPR for breach of contract and won a $10m damages claim - this was a High Court case. KPR entered into an agreement to pay the money. Unbeknown to shareholders, CHM/KPR ceased paying ILP and ILP wound up KPR.
    Interesting of the $10m paid for the Mg mine in West Timor, $6m was in a joint trust between KPR/CHM and the West Timor company which was supposed to fund development. That money disappeared. It was not reported where that money went- it could have been the West Timor company that used the money.
    Another matter is Latin Gold - but do your own research of this fiasco - The Raven is fully versed in this matter. Over to you Raven.

 
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