MUS Class Action?, page-36

Again I have been unable to keep up with all the posts.......if the negative TROLLS who delight in spreading UNFOUNDED fear would just take their vile minds to another stock with distressed holders, to feast off their anguish, it would make it easier for those of us interested in intelligent discussion to get on with !

Now I do not know if any has already raised the borderline accounting policies used but there are 2 strong realities  to be explored further than the following:
MAYBE INADVERNTALY MUS IS TRADING MUCH BETTER THAN ASSUMED
For our accounting professionals please consider the  following ;  

1. By buying a volume of rubies, which are not appropriately declared, the minimum cash flows required going forward greatly reduce. Also if MUS has much more than 20 full time employees I would be surprised. So why do they refer to 200 employees. Are they including the totally unrelated artisanal miners?  Dayman recently declared that practice is now suspended, so could that reduce minimum projected cash flow by 50% - 75% until sales are made. Which will further positively affect future cash flows. Until purchasing of artisinal’s rubies are recommenced, if they are?  

Yeah I know MUS call themselves Explorers, and or Miners to suit the BS they are spreading at the time but they are also operating a wholesale practice buying product from suppliers ( the artisinals)  .
Probably their hidden buying volume would make it necessary under one of the listing rules ,to declare them, but they choose not to for whatever dubious reason .  Obviously such a small tight knit community of buyers knew that information, but not the shareholders. Haven’t had time to find out which rule most applies but misdescribing such an activity under AABS 6 E&E  might have been to deliberately cover the volume (Directors & Officers Professional Indemnity insurance covers these acts ) .  Something negative for Corporate Governance but there could have be a hidden benefit. That is, when calculating Quarterly expenses if we knew what the actual value was for COGS we could guesstimate the greatly reduced costs going forward. .  Normally operating companies show that actual cost so everyone can agree with the Gross Margins.
However I am going to also repost this one in the  Class Action thread because some people more experienced with the law than myself may know if;

1. From my readings AASB 6 is for expenses incurred from Exploration & Evaluation  but the definitions of this item pertain to the land area drilled etc (Exploration ) & the resultant necessary (Evaluation) such as  cores being assayed etc. I think the bow is stretched to breaking here  (auditors dilemma and their Professional Indemnity exposure ) unless it is normal for explorers/ miners to put COGS in here, but I don’t know.   However to my knowledge just buying product and reselling is usually expensed to COGS. Does anyone know if other similar operators use AASB 6 E & E for purchases of goods to be just stored and resold like a wholesaler?  

Unfortunately I have not had time to look up everything but if the accounting policies chosen cannot be successfully defended, then the Auditor might also be at risk. It is generally accepted that all boards/ owners (including listed cos) will pressure their auditors to place transactions under the most preferential item. However the auditors have a professional obligation to persist with the normal, defensible accounting policies otherwise they can end up paying also.
Finally  was CJ moved on due to his recorded brash statements such as , $100 per ct assumed  and the others,   because he was an insurance (PI)  risk . Would a court ever consider unveiling the company and allowing a claim against his personal assets  due to overstating important facts, that totally misled investors,  and hiding some others to completely misrepresent the business…..do not know do you?
Anyway its late and I hope my wandering mind has not been a total waste of everyone’s time but in summary;
I think MUS might have more value than some have afforded it with more income from sales to come, whilst variable costs (COGS) should plummet but if we cannot get back to a decent MC,  as we have all been deceived, then we can win some back with a Class Action ……but first things first let the AGM occur , the new MD be pponted and perhaps a mini auction or two first ……AKA putting the HORSE before the CART please!.  

ps to late to send off last night