GlynaInteresting examples but firstly MMX is expecting a far...

Glyna

Interesting examples but firstly MMX is expecting a far higher payment from Mitsubishi for its 50% of IO assets so numbers are wrong.

Secondly at the time of purchase MMX had no funds to even pay its listing fee's let alone buy the assets.

CHM was used through
- funds transfered dirtectly to IO vendors
- leases that were to be acquired directly by CHM were pushed through MMX and then onsold to CHM with I beleive 8 million CHM shares going to MMX who sold them immediately to raise cash.
- CHM shares issued to investors for no consideration which were sold and then these investors used this cash to invest in MMX

These are the ones I know about.

The question the judge will weight up is could MMX have got this over the line without these events occurring. Given that ASX reports show a company delisted as it didnt pay its listing fee's I think the conclusion will be no it needed CHM.

Then it comes down to knowledge. One of the directors of MMX at the time Roberts took the stand but Grimaldi didnt. Current directors were not there as they keep reminding the market.

Roberts I believe indicated that that MMX did have knowledge and Grimaldi declined to take the stand.

Glyna its interesting that your arguements about quantum seem so similar to what I have heard MMX pushed. Your sources must be very good.

Problem is without CHM MMX would never have paid the all important $1.1 million. It has profited from illegal activities so these little calculations go right out the door.

CHM have asked for not just an accounting of profits but a direct interest in IO assets.