Any time a ship hits the rocks (a company is put into administration) and the person who was captain of the ship at the time ends up a major creditor (with key voting power on the creditors' committee) ASIC should be required to undertake a no stone unturned investigation. Moreover, that Ix should be from a base of bias - from a basis that assumes wrong doing from the outset and tries to disprove it, rather than starting from a point that assumes integrity.
But what does ASIC do .............they rely on the advice -"investigation" of the administrator........the administrator appointed the Captain and his co-horts.
Mr West is without doubt can smell a rat in these situations but I suspect he is being briefed by someone who can not only smell a rat but has the knowledge and expertise to sniff one out and identify it http://www.smh.com.au/business/asic-purges-public-documents-from-database-20100607-xqt0.html#ixzz1kwpEGQim
If I were a Judge or administrator - there is one person I would like to put in a witness box (Ferrier Hodgson has the power to demand certain people provide a full account without actually suing them etc - they call them to court to be examined under oath in the witness box - (they did it with some of the scoundrels at Sonray but no CMR)
That person is Dr. Thomas Girgensohn. I do not for a second suggest he is crooked - to the contrary - but I would like him to providw a full account as to why he resigned when he did.
News of his resignation was released 26 August 08 (the same day GT made a second on market purchase) He resigned just ten days after the 15 August 08 announcement suggesting the Oxide project would not be profitable.
The non profitable announcement was released just 23 or so days after news was released that the Chairman's private company agreed to loan the company $24 mil .........
So around one month after Coffee House agreed to extend a loan to the company an announcement was released sugesting the Oxides would not be profitable. Moreover tht announcement came just 3 days after news of the final arrangements concerning the loan in which CHG agreed not to require security.
Presumably if the I's were still being dotted and T's crossed a few days before CHG could withdraw from the loan - if you were about to part with US$24 mil would you not have your finger on the pulse - would you not be getting cold feet if you knew such a release was only a few days away??????
Surley I am not alone thinking documents such as one purporting that the Oxides may not be profitable take more than days or a few weeks to put together - surely such a doc would take months of accounting and estimating - surely if it was the case, the writing would have been on the wall for months - not weeks......
Would you not expect the Chairman to have some insight into pending announcements .....yet we are expected to believe the Chair agreed to loan the coy $24 mil just 23 days or so before the release saying the mine would not make money ......... and agreed to not taking security over the loan just a few days before that release????
If you believe that then .....have I got a deal for you ....great real estate deal in Nigeria ..... you will make a fortune it will be a great "wealth creation platform" (for me)
Just give me a day or two to set up a Nigerian bank account and I will send you the account number........all honest - all above board - trust me - I'm a doctor - I can even show you my Nigerian degree if you give me a few days to print one off - I will even let ASIC give the deal the once over - as long as they stay true to form
CMR Price at posting:
15.0¢ Sentiment: None Disclosure: Held
