OK its late and Ive had a few grogs so it will be lengthy and have a few spelling mistakes.
If you need to crystallise your loss that bad, then sell them to Tony at Delisted.
I crystallised a large loss well before admin - but rebought just before admin - and guess which broker I was using at the time - dumbo me left a good proportion of the cash recouped from those sales in .......Sonray Capital - now also in Admin - who says lightening don't strike twice (ok am a tad drunk so will be long with spelling mistakes and maybe a bit more disclosure than I would if sober lol)
Yes - I must a killed a Chinaman in a previous life.
Anyway - back to the point at hand - if you sell to Delisted you get your loss crystallised for tax purposes without having to sit and wait for the stock to relist and you will be selling to a past CEO of the shareholder's association. As such one can only assume your shares and the votes attached to them will be in the hands of someone with a past history of looking out for common shareholders.
His service fee provides him a modest profit - but at the same time sees him standing ready to make an excellent return if we pull this off.
Yes, its a big IF and FOCR know full well, as do ( I hope)those who have supported us - we are working well and truly from behind the eight ball - those above us have much bigger guns and it's a David and Goliath battle.
Why is it such a battle one might ask - well to quote old Julius Summner Miller (or however he spelt his name) "Why is it so"?
Simple reason is despite it usually being the case that common shareholders own the majority of shares in any ASX listed company; there is no obligation on companies to have a "chat forum" or other mechanism whereby shareholders can openly communicate with each other and express views when they are miffed.
There is no mechanism for them to unite and vote in bloc - it would be a very different landscape on the ASX if there was.
Therefore, even when everyone is miffed - common everyday shareholders have no voice - no genuine means by which to communicate with each other - no ability to vote in bloc - so despite common shareholders actually owning the most shares in most companies they can not hold a board to account - the simple reason for this is they can't ot dont have a readily accessible mechanism to communicate so they don't organise and vote in bloc and thus outvote the majors.
The fact of the matter is tho that Hot Copper provides such a forum - but few use it for that - most use it to ramp a quick buck from suckers - it could be used much better than that.
Some good stock - as CMR was, and should still be, and with a massive dose of luck may be again - do/did have a good and loyal following. Despite this, when Compass was going wrong we chose to be nice to management - be polite to them (except for a few brave souls at the AGM's - like Westmoon and another who was big enough to rip Toll's head off and at one point I thought he was gunna - But we didnt use HC to organise until it was too late
We were all miffed but didn't organise ourselves so that's our fault.
LIVE AND LEARN from it, HC is a great forum thru which to organise - it's where the FOCR started and we now have the ability to communicate with shareholders who combined control over 50% of the stock.
HC is a great forum - its just under utilised
CMR Price at posting:
15.0¢ Sentiment: Hold Disclosure: Held
