it seems to be back on!, page-6

hi guys,
Found this russian article and translated it using google translate..... my thinking is that the deal is on....

Magnitogorsk Iron and Steel Works (MMK) challenged the security measures imposed by the court at the suit of a minority shareholder of Elena Egorova, preventing the purchase of Australian Flinders Mines. And as long as the court did not unfreeze the deal, Magnitogorsk will have to wait with the involvement of Gazprombank loans $ 700 million

According to RBC daily in the CMI, April 6, the company appealed to the Court of Arbitration of the Chelyabinsk region, a statement of withdrawal of security measures at the suit of Elena Egorova, which were imposed in late March and prohibited any transactions with the Flinders Mines.

Minority shareholder of Magnitogorsk Elena Egorova, which owns less than 0.001% securities CMI in late March sued the company, demanding to annul the decision of the Board of Directors to purchase 100 per cent stake in Australian company Flinders Mines Limited. According to Elena Egorova, attracting additional financing for the transaction of $ 632 million Australian dollars, taking into account losses on the results of the CMI in 2011 could lead to a decrease in market value of its shares. Preliminary hearings are scheduled for April 25.

Until then, until the court decides on interim measures, Magnitogorsk, not only will not be able to resume the purchase of Flinders Mines, but will have to wait with the assistance of a loan. April 2 Board of Directors considered the question of opening a credit line from Gazprombank for $ 700 million, but the decision was not accepted - again because of security measures to suit Egorova. If the court prohibited the board of directors to execute the decision of buying an Australian company, and the related credit transaction can not be made, says partner Art de Lex Dmitry Mahon. In addition, the bank is the least interested in the conclusion of credit agreements in violation of the injunction, he said.

According to Andrey Kucherov of the IC "Grandis Capital," the trial of a minority shareholder may take a long time. Most likely, Ms. Yegorova is an influential figure in the market, otherwise the minority shareholders would not have to enlist the support of the court, says the lawyer.

03/30/12, the Court of Arbitration of the Chelyabinsk region, as an interim measure to suit Egorova EN, issued a decision banning execution of the Board of Directors of CMI against the transaction JSC "MMK" to purchase one hundred per cent stake in Australian company Flinders Mines Limited