appeals case, page-85

Sludge

I know you have touched on this before but after reading the Judgement handed down, it does show negligence or very poor Judgement on AGS's Management's behalf and/or its Legal Representatives when agreeing to the JV Agreement.imo If AGS lose the M&D C matter,do we as Share holders have any recourse on this, through Legal avenues?

Copied in part below
"66. Clause 6.4 entitles Heathgate (and later Quasar), as manager, to enter into such agreements and or to make such other arrangements with Native Title claimants as it alone deems appropriate or necessary to comply with Pt 9B of the Mining Act

67. Clause 10.1 gives Heathgate (and later Quasar) “sole discretion” to make a decision “in its sole judgement” to mine after it has received a feasibility study, the scope and content of which is satisfactory to it, not the joint venturers. At that time it must give notice to Alliance and provide it with a preliminary development, mining, processing and production program and budget.

68. Clause 10.5 provides that the manager is to estimate the amount of expenditure that will be incurred by the JV in the upcoming month.

69. Clause 11.2(c) gives the manager responsibility for the creation of a program and budget setting out the proposed work and expenditure for the relevant period.

The program and budget are subject to the Committee’s approval. Given the majority control Quasar held though this would be a mere formality."


Then this comment at the end, from HH,

"The evidence, and the JVA, in particular, demonstrates that Heathgate and later Quasar, as manager, were virtually given carte blanche to decide how the mine was to be managed."


Also it appears that actual personal communication (via the Management Committee Meetings) fell down after the initial couple of meetings in late 2008,early 2009.

What a mess its going to be if AGS do not come out of this with a result in our favour with the M&D C Matter.imo

imo Only one result justifies the Management's failures and that is the return of the entire asset.

As this goes now my confidence is waning.

Bring on the Court case and put us out of our misery. One way or the other. Please.lol.

Md