lcy and mak partners, page-87

All the discussion with LCY holders is pointless.

Lets agree that:

For now NMDC are bank rolling LCY
That the JV will be LCY/MAK
That there will be no shares issued
That 1 party loses 50% of an asset in exchange for cash
The other gains 50% of that asset for debt (underwritten by guys in New Delhi not East Perth)
That LCY has sold the company, MAK is selling an asset

Lets agree to disagree on the fact that down the road LCY will not be 50:50 owned by NMDC and original LCY holders. As for "Ben" how can he be certain what the future intentions of NMDC are.

Didn't Hitler sign a non-aggression pact with Russia before he invaded Poland? Trust no one, especially when the dollar amount has 9 zeros behind it.

As for any risk associated with MAK entering a JV with LCY. I think if there are any problems in the LCY camp, an in house "credit crunch" will ensure that NMDC continues its relationship with MAK.
Of course this is all conjecture and I wish my friends on HC at LCY well.
Cheers guys.