My understanding of the current predicament: Polo only hold 4.7m...

My understanding of the current predicament:

Polo only hold 4.7m shares directly.

Mazil (Gutnick controlled) owns 15.8m

Perfectus own 15.8m of which Polo own 49%, with Gutnick retaining control. Essentially Gutnick still 'has control over' 31.6m shares.

Polo do not have a "free option to buy the rest". Here is the ann: http://hotcopper.com.au/threads/ann...st-in-blackham-resource.2255700/#.U8z-avmSwYo:

Unfortunately, I suspect that Gutnick and Polo will vote together given the equity swap deal and their minority stake in Perfectus. If that is correct they will hold approx 36m shares or approx 31% together. Whether Gutnick has relationships with any other major shareholders is not clear but it is something to consider/investigate for current holders. If you want Gutnick out (as I would), it is imperative that all current shareholders submit proxy vote forms if you cannot attend the meeting in person.

There is also the issue of potential legal proceedings re: the 6m convert notes. This is a big unknown in terms of impact to the company.

Also how do they completely rid the company of Gutnick control? With a minimum 31.6m shares in his control, he will still wield a lot of power even if not via the board. Will he agree to dispose of his shares to another soph or insto? Will anyone be willing to step up to the plate for that kind of money with potential legal proceedings up in the air. If Polo is voting with JG it wont be them. If they are not, they will be in a sticky situation themselves with Perfectus deal.

What is the plan to fund any legal proceedings and the path to production? According to my calcs there is approx 3m in cash without JG's 6m convert notes. How far will this go?

In name of full disclosure, I sold all my holdings in BLK last week. As such I suspect i'll be accused of downramping with this post. For the record, it is not my intention. I wanted to start meaningful discussion for current holders so they can complete their own research to validate my concerns and make their own informed decisions. I have no intention of buying back in until this whole situation is resolved (including any court proceedings), and at a minimum PFS is in place. As such, I am not downramping the stock to buy back in, just calling it as I see it at this stage.