I am no expert whatsoever with regard to the intricacies of US corporate law, let alone the machinations of the US legal system, however I take some heart from this statement provided by MCT, which has given more detail than anything they have previously released on this matter.
I did not feel totally comfortable with the said lack of detail, and spoke with Jason several months ago regarding my concerns, he told me at that point he wasn't at liberty to disclose info because the case was in camera and the info was market sensitive......
So according to what I make of the statement MCT is arguing (among other things) that there is no legal jurisdiction over them in this matter. Because most importantly, MCT had sold the M-COR implant business well before the plaintiffs implantation. There is also a statutory bar to claims due to a deed of company agreement presumably between MCT and purhasers of the M-COR business, this all sounds fairly compelling.
The sooner they get a good outcome the better, but I don't believe this is the reason for the recent lack of SP performance for MCT. The market knew of this legal matter long ago, and if you did due diligence you would have come across this litigation matter.
I follow a lot of goldies and own a few as well, and MCT has been putting out some great results this year and compared with many peers MCT has delivered way superior drilling results to many other juniors who have got better bang for buck with inferior results. And of course we also know about the earn in with NME.
Someone is capping it for whatever reason,................ all I know is that MCT is cheap as chips (the gold is not going anywhere), and it's a shame about the mind numbingly slow assay epic we are stuck with, but it is right across mining anything gold, copper or nickel at present. Labs are completely snowed under with all the drilling results, perhaps due to all the cheap money floating around and the resurgent commodities market.
Anyway some news on that assay front could get to us before Christmas I hope, the year is nearly gone so they are not far away.
GLTAH
mc
