How do you work out if MMX is dirt cheap or over priced until this case is resolved.
Their major IO asset is only half owned and is subject to legal action by a party seeking not only an accounting of profit but to be awarded a direct interest. Therefore the value of this remains uncertain.
In addition they have a 50% interest in a company with the right to build a port and rail project. To do this it requires equity with MMX contribution to come from the next Mitsubishi payment for 50% interest in IO assets.
Now what would happen if the case went totally pear shaped for MMX. The payment from Mitsubishi may be jeopordised and then how does MMX stay in the port play with no funds to put in to match partners contribution. Days of 100% debt are long gone.
Now according to Glyna's mail it all went really well in court for MMX but my mail is saying they had the c--- beaten out of them.
Defence turned into not about if the transactions took place but quantitive arguement.
Still waiting to here someone put up an arguement to show that MMX could have completed transaction without the misuse of CHM.
And CHM are saying it is a lot more that was contributed than just the cheques.
I agree that judgement will be months away.
CHM Price at posting:
10.4¢ Sentiment: Buy Disclosure: Held
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