mr magoo

lets take all the emotion out of it

its god damn awful commercial negotiation strategy to not secure a price, invest in a drill program, promote the hell out of the potential purchase of Mt Carbine, then not be able to close the deal

I dont care how many nods and winks your get from anyone in the company it is what it is

Its like finding an old rare vintage car in the garage of a homestead, saying to the farmer that you would like to buy that car and him saying "fine well lets talk about the price later".

Then inviting the world media to the homestead and spruking about the rarity and value of the car and acting as if you own it.

Now the farmers thinking "geeze I just thought i had an old car but look its a real find it must be worth millions" in the past he thought it was an old car now he dreams about buying super yachts . This an negotiation rocket science it 101.

When you do a deal like this you sit down and look at every angle, you map out all the possible scenarios and you debate strategies for every conceivable scenario, then you write them all down and keep the list in your folder and update the instant something changes.

For instance in the scenario JK had a dodgy option , that is it didnt stipulate a price or a process to get to a price, this means its a high risk venture.

In that case the commonsense strategy would be to do everything in secret, you dont want to be attracting attention to yourself when your vulnerable and when you havnt agreed price your always vulnerable.

So there should have been non disclosure agreements all around. No one should have known about Mt Carbine.

So now because of this Mt Carbine is a sitting duck ready for anyone with a few million to go and have a cuppa with Nicholson.

and folks dont thin they wont? The next thing we will hear WLF or one of the others has just bought it for 20M cash. You dont think some mid tier CEO is going to think hmmmmm I might have a punt on this one?

JK had virtually acted as Nicholson's marketing manager.

Nicholsons might as well have gone to and John Kelly Real Estate and said "hey buddy Ive got an old Tungsten mine to promote" and Kelly answering "well we at John Kelly Real Estate pride ourselves in global marketing campaigns and best thing about us is we do it for free"

The entire mining world no knows about Mt Carbine being on the market . If I was Nicholson I would absolutely love JK .

Now as much as that last few paragraphs will make all you apologists cringe a bit (I'm sorry)but its essentially true.

JK maybe an excellent geologist and mine manager but the facts say he looks to have made the largest blunder in the mining spec market this year .

Any it time you lose $2m and have to sue to get it back is a blunder as well. It is what it is.

The truth is if we were able to look at the Luzon deal in detail there would almost certainly be a similar failure to perceive and properly manage an element of risk. If your getting blind sided regularly then its logical to look at your game plan to minimize future occurrences. The Luzon deal looks like they were conned out of $2m, this deal looks like they got "gamed" again.

then we need to take on board Macraes point and that they are in fact doing the gaming all along

So we get to the point where either management are incompetent or dishonest . I lean toward incompetent.

JK is starting to remind me of that old cartoon character Mr Magoo..

http://www.youtube.com/watch?v=D4dZHBDUiEg

He even had a Chinese friend called Charlie.