Thomas0106There are spec stocks which genuinelly try to make a...

Thomas0106
There are spec stocks which genuinelly try to make a go of things and I suppose there are stocks which well .....
Is this what you expect from a spec stock?

As I understand it a case is being prepared for imminent court action.
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It is said by the first defendant Peter Mark Smyth that none of the material facts pleaded in par 36 through to par 63 unequivocally demonstrate dishonesty on the part of the first defendant. However, what the plaintiff ( Meridian Oil ) says is that, taken together, these paragraphs demonstrate a dishonest intent on the part of the first defendant Peter Mark Smyth from which fraud can be inferred.
By par 63(a) the plaintiff alleges that by causing, permitting, ratifying or authorising the plaintiff to pay the Sum, the first defendant was fraudulent by:
(1) failing to obtain security from Shirerise;
(2) making no enquiries as to the bona fides of Shirerise;
(3) failing to ensure an agreement protecting the plaintiff was executed before payment of the Sum;
(4) causing or permitting the payment of the Sum.

http://www.austlii.edu.au/cgi-bin/sinodisp/au/cases/wa/WASC/2000/156.html?query=^meridian%20oil%20nl%20smyth

OR THIS

It is pleaded that the purchase price was $4,617,000 when the true value of the interest was $2,400,000. It is pleaded that Jermyn breached his statutory and fiduciary duties to the company in that the interest was purchased at a gross overvalue; he failed to make any proper enquiries as to whether the purchase would be advantageous commercially to Spargos ; he failed to ascertain the true value of the Karonie interest; and he failed to enquire whether the purchase price was fair and reasonable, etc. The defendant is being sued for the difference between the purchase price and the true value of the Karonie interest plus a related loss of $120,000 being a total of $2,337,000.
Jermyn and Peter Mark Smyth were substantial shareholders in Selection Gold Investments Ltd (Selection), a UK company which in turn owned 3,250,000 shares in Petrogulf. In December 1987 Selection sold its shares in Petrogulf to interests associated with IRL for $4,350,000 which represented a premium of $3,962,800 on the market value of shares in Petrogulf at the time.

It is said that this cannot be inferred. But the plea made by the plaintiff is one of material fact. At trial it will be necessary for the plaintiff to establish that the first defendant failed to take any steps to recover the various amounts.

Those of you that think they understand that a spec stock and its directors can behave as they please need to read all of this.

http://cvi-shareholders.org/jms/index.php?option=com_content&view=article&id=75:who-is-mkj&catid=36:new-developments&Itemid=87