MBN 0.00% 8.3¢ mirabela nickel limited

Any hope for MBN?, page-763

  1. 3,914 Posts.
    What? The unsecured creditors will have first bidding rights?

    It's the legal responsibility of the liquidator to sell the mine for as much as possible, from all bidders. If the mine is sold for cheaply (and it's to these secure creditors who are also substantial and majority share holders), do you think that is legal? if they sell it cheaply to someone else, then it will also "leave the old share holders high and dry" and this would apply more so to them as they are majority share holders in the same situation as us retailers.

    BTW, C&M funds was only meant to last them at least until end of September as indicated in the report in June (they only had funds left of $1.5M USD), so a quarter ago it has "dry up".
    You don't think it's logical these creditors/substantial share holder wouldn't inject another $5-6M USD to leave it in C&M for another year and protect their 100 of millions they have initially invested in MBN? At least do some DD before commentating, I do that for AVQ.
    Last edited by user23: 27/12/16
 
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