Latest financial report looks in some ways very similar to the one just prior to the appointment of Administrators.
Remember that one where the Auditor said unless the company can raise more money or have continued support of HNC there is material uncertainty regarding the company's continuation as a going concern.
Well look at the latest report what does the Auditor say now - PRETTY MUCH THE SAME DAMNED THING!!!
Under the heading "Material uncertainty regarding continuation as a going concern" he says
. The Consolidated Entity’s current liabilities exceed current assets by $9,436,846.
. Therefore, the ability of the Consolidated Entity to pay its debts as and when they fall due is dependent upon the continued support of its majority shareholder and lender - YA Global
Now to top it all off what he doesn't say is all that off the new Chairman has been charged with FRAUD!!!!!!!!!!
Have a look at the Friends of Compass Resources latest news page - the American equivalent of the ASIC the US Securities Exchange Commission - has charged YA Global, Mark Angelo - the new Non Executive Chairman of Compass Resources with fraud!!!!!!
Washington, D.C., Oct. 17, 2012 – The Securities and Exchange Commission today charged a former $1 billion hedge fund advisory firm and two executives with scheming to overvalue assets under management and exaggerate the reported returns of hedge funds they managed in order to hide losses and increase the fees collected from investors.
The SEC alleges that New Jersey-based Yorkville Advisors LLC, founder and president Mark Angelo, and chief financial officer Edward Schinik enticed pension funds and other investors to invest in their hedge funds by falsely portraying Yorkville as a firm that managed a highly-collateralized investment portfolio and employed a robust valuation procedure. They misrepresented the safety and liquidity of the investments made by the hedge funds, and charged excessive fees to the funds based on the fraudulently inflated values of the investments.
How much due diligence did Ferrier Hodgson do before recomending the DOCA to creditors - I recall them saying to us they would have to be convinced of our ability to complete and that we had the qualifications etc to perform before accepting a DOCA from us - we must have failed in a key area - we weren't being investigated by the US SEC!
A simple Google search shows the US SEC has been investigating YAG since 2005 http://www.thestreet.com/markets/matthewgoldstein/10255157.html
What a joke - what a scam - why did our complaints to ASIC and FH fall on deaf ears - doesn't ASIC speak to its international counterparts or is it more its international counterparts don't bother speaking to ASIC coz they know they are corrupt fools
CMR Price at posting:
15.0¢ Sentiment: None Disclosure: Held
