Hi Puntman I apologise for the negative connotation in the use of the word snigger. I was just trying to suggest that you were justified to have a little chuckle but I doubt the last laugh.
And yes I was wrong to tittle a post; G not not appealing - although the content was accurate "As far as I can tell time has lapsed for G to lodge an appeal to the high court." I wrongly assumed that since the deadline had expired he would not be able to appeal.
Two points
1. Grimaldi has not been given leave to appeal and he has to now establish he has a case and also that he has "special" reason for letting the deadline lapse. I can't see how this case is more complicated than any other case that has made its way to the high court. So hopefully he will soon be denied an appeal.
The bottom line is how long he can draw it out. If he gets to appeal he can draw it out for over a year. If he gets denied it may all be resolved by mid year. One guess could be that he knew he would not get an appeal or did not want to pay the legal cost of an appeal and so maximised how long he could draw it out and minimised his chance of incurring costs of an appeal, which would probably include CHM's legal costs.
2. Regarding IPL. The fact that CHM could escape the contract is not being debated. The only point of contention is whether they need to pay the $9m exit fee. This depends on whether IPL was providing a financial service or not. Incidentally their business card said that they were providing a financial service. It also seems to me that they were since CHM were using a litigation funder to manage the risk of losing the case and incurring costs they could not afford.
Either way the announcement was not terrible. Worse case senario is that G draws out for another year and they owe IPL $9m. The latter is not new news it was just the date of the case being fixed. And since you think that CHM wont get anything from G anyway and it is being priced as $0 by the market it is no loss.
In all likelihood the upshot of the announcement is that resolution of the G case is delayed by 1 month.NO biggie.
So chuckle while you can Mr Puntman.
It will just take a little longer to see who laughs loudest.
Kindest regards
Rumot
CHM Price at posting:
16.5¢ Sentiment: Buy Disclosure: Held
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