"I don't know which court case you are referring to as the big...

"I don't know which court case you are referring to as the big white elephant, as there are a few of them, but some company disclosure may be in order regarding the case before the court (per SP), regarding 4.7 million dollars (currently more than the company has) by the former CEO as reported in the SMH. If it was not reported by the SMH,"

Seems you were right again, Jack456. The company has finally disclosed this legal action in it's annual report........

"(iv) Legal Proceedings
A former employee of Indochine Resources Pty Limited, who was dismissed for cause over four years ago, has initiated legal proceedings against the Indochine Resources Pty Limited, a wholly owned subsidiary of Indochine Mining Limited.The Company is being advised and represented by an accredited employment law specialist......."

Assuming this "specialist" comes at a price?

How desperate was IDC to enter into this arrangement?? Original loan at 60% interest, 2 x defaults, then 80% interest, now reset at 25%, extended the expiry date to 31 December 2014 and has provided an additional facility of $ 1.15 million. To date the Company has drawn down $ 865,000 from the additional facility

"On 6 February 2014, the Company entered into a secured loan agreement with Aude Holdings Pty Ltd as trustees for Lastours Investment Trust to borrow $ 1,500,000 secured against a fixed and floating charge over the assets of the Company and at an interest rate of 60% calculated daily. In the event of default, the interest would increase to 80% per annum calculated daily. The loan was repayable in full by 31 May 2014. The Company was unable to repay the loan by 31 May 2014 and as at reporting date it was in default and being charged interest at the rate of 80% from the date of default. On 14 May and 3 June 2014, the Company was served default notices Subsequent to year end and on 6 July, the Company entered into Deed of Acknowledgement and Variation with the secured lender Aude Holdings Pty Ltd as trustees for Lastours Investment Trust under which the secured lender has waived the breaches which resulted in default notices on 14 May and 3 June 2014, reset the interest to 25% per annum, extended the expiry date to 31 December 2014 and has provided an additional facility of $ 1.15 million. "

On a slightly different note, a substantial holder Mr John Kahlbetzer appeared as a substantial holder with 41mil shares. Not sure if it's the same bloke who is #34 on Australia's Rich List - http://www.forbes.com/profile/john-kahlbetzer/

BTW, who is the "Indochine shareholder" poster on the ramumine.wordpress website?

http://ramumine.wordpress.com/2014/...s-call-on-govt-to-cancel-exploration-licence/